Can Bitcoin Price Reach $117,000? Analyst Explains How
Cryptocurrency Analyst Kevin Svenson Makes Optimistic Predictions for Bitcoin (BTC) Price Based on Historical Data

Svenson Predicts Bitcoin on the Verge of Breaking Out of a Lateral Range
In his new video, Svenson states that Bitcoin is on the verge of exiting a lateral range. According to Svenson, Bitcoin is in an uptrend structure that began in early 2023 and could see an increase of between 72% and 83% in the next phase of growth from its current level.
Svenson explained, “Bitcoin is in another lateral range following an upward momentum. Our initial upward movement [from January to May 2023] was around 50%. The upward momentum after the next breakout [from September to December 2023] was 57% to the next local peak. The next breakout [from January to March 2024] could see a 60% rise to the next peak region.”
“Therefore, if we continue and the numbers I mentioned are accurate, an increase of 50% in the next upward momentum would bring us to $110,000. If it goes to 60%, that means $117,000. This would be an extrapolation of the behavior we’ve observed over the past year and a half.

Svenson States that Bitcoin’s Ongoing Upward Momentum is “Currently the Most Likely Outcome,” but its Trajectory Depends on Stock Market Performance
“As long as the stock market remains somewhat stable, I believe we will maintain this momentum.
Note: This is not investment advice
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