Bitcoin (BTC) Price Prediction: Analyst Kevin Svenson Envisions an 83% Surge, But Warns It Hinges on Stock Market Stability
- WBOYOriginal
- 2024-07-21 06:41:09313browse
Cryptocurrency analyst Kevin Svenson has predicted a potential 83% surge for Bitcoin (BTC) but noted that this is contingent upon the stability of the stock market.
Renowned cryptocurrency analyst Kevin Svenson has predicted a potential 72% to 83% surge for Bitcoin (CRYPTO: BTC) in his latest analysis.
However, he noted that this upward trajectory is contingent upon the stability of the stock market.
What Happened: In a video posted on YouTube this week, Svenson asserted that Bitcoin is within a bullish structure that began in early 2023.
He suggested that the digital currency could experience a significant increase, ranging from 72% to 83% from its current standing.
“Bitcoin is sitting in another sideways range after the impulse up. Our first impulse up move [from January to May of 2023] was roughly 50%. After the next breakout zone, the next impulse up [from September to December of 2023], the next price was 57% to the next local top. From the next breakout [from January to March of 2024], the next top zone was 60%,” Svenson stated.
He further added, “If we get continuation, the next impulse up, if it's going to be anything like those numbers that I just said, the next impulse up 50% will land us at $110,000. And if you go to 60%, that's $117,000.”
Svenson's analysis is significant as it highlights the potential for a substantial increase in Bitcoin’s value.
At the same time, his caveat that Bitcoin’s growth is dependent on the stability of the stock market underscores the interdependence between cryptocurrency and traditional financial markets.
This connection could potentially influence the decisions of investors who are considering entering the cryptocurrency market.
See More: Best Cryptocurrency Wallets
At the time of writing, Bitcoin was trading at $66,683.22, up by 14% in the last seven days.
The above is the detailed content of Bitcoin (BTC) Price Prediction: Analyst Kevin Svenson Envisions an 83% Surge, But Warns It Hinges on Stock Market Stability. For more information, please follow other related articles on the PHP Chinese website!