Cryptocurrency trader and analyst Kevin Svenson is offering his forecast for Bitcoin (BTC) as the flagship digital asset hovers around 25% below the all-time high.
Svenson tells his 82,800 YouTube subscribers that Bitcoin still appears bullish over the long term on the monthly time frame after a major support zone held.
The crypto analyst, however, says the price movements of Bitcoin going forward are likely to be unpredictable amid uncertainty over tariffs imposed by the US on its global trading partners.
“Bitcoin just touched the 2024 highs as a support…
… if we’re going to hold that support level, Bitcoin is in the very long term still maintaining textbook uptrend structure. Previous resistance, new support. It’s pretty basic and pretty straightforward.
…we’re going to continue to see a lot of tensions, a lot of news that will shake up the market. So I expect this cycle to be less straightforward than most other cycles. I think it’s going to be a trader’s market.
Tensions and conflict will heavily affect the price where you’re going to see a lot more volatility. In past decades, we saw really just a straight line up after 2008, with a couple of hiccups in between. But generally, it was just a straight line up. Now I think we’re going to see much more volatility.”
Svenson further says that following a correction of double-digit percentage points, Bitcoin could rise by about 23% from the current level.
“I think the Bitcoin market has had a healthy retrace – 30% is standard for Bitcoin, no problem. We’ve seen that plenty of other cycles in the middle of a bull market. So taking it one trend at a time here, we’re probably going to get a recovery bounce at the very least.
At the very minimum, I’m looking for a recovery bounce up above $100,000…
…And from there we’ll see. Maybe we continue after that. Depends on what the global markets are doing.”
Bitcoin is trading at $81,550 at time of writing.
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