Cryptocurrency analyst and trader Kevin Svenson is saying that Bitcoin (BTC) could be on course to reaching a six-figure price.
In a new video, Svenson tells his 78,900 YouTube subscribers that since the late 2022 low, Bitcoin’s price action has made a series of strong impulse moves consisting of double-digit to triple-digit percentage points.
According to Svenson, Bitcoin is on the cusp of rallying by around 50% from the current level.
“We are one impulse away from hitting $100,000. And I think it’s just going to come up on people a lot quicker than they expect. The market usually doesn’t do what you expect; the market usually does the unexpected.
And remember once we get above this zone right that recent $74,000 top, that is a blue-sky breakout meaning there’s no previous resistance and that’s usually where you get a lot of momentum there’s a lot of demand Fear of Missing Out (FOMO). And people are just going to be piling into the market.”
Bitcoin is trading at $66,687 at time of writing.
According to Svenson, there are only a couple of months left before a bear market sets in for Bitcoin and other high-risk assets.
“A blue-sky breakout here at this point with all the fundamental news that’s happening for Bitcoin, I think we’re going to get to $100,000 much faster than people expect with a few consolidations in between.
And if that is the case likely we get some new all-time high resistance, selloff, major profit-taking and then push-up again into 2025.
But I do think that after that we will probably see a major contraction not just for Bitcoin but the stock market and the economy.”
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