Can Bitcoin Price Reach $117,000? Analyst Explains How

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

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.

Can Bitcoin Price Reach

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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