Analyst and trader Kevin Svenson recently shared his latest observations about Bitcoin (BTC) and suggested that the largest cryptocurrency continues to show bullish signals following its double-digit increase last month. According to the analyst, Bitcoin could make a significant breakout soon.
Moving Within a Parabolic Uptrend
Svenson, in a new video shared with his YouTube subscribers, emphasized that Bitcoin is in a parabolic uptrend and is approaching a “Blue Sky Breakout,” a term used when an asset surpasses all its previous historical price movements and enters a price discovery phase.
The analyst continued by explaining that Bitcoin is currently experiencing an exponential increase in its price, which could lead to a significant rise from its current levels. He predicted that Bitcoin could rise by approximately 26% to target $90,000. However, he noted that mathematically, a parabola can only be this steep before it eventually reverses, suggesting that while a correction is inevitable, there is still room for significant gains before this happens.
“Could Reach $90,000 Within 2 Months”
Svenson predicted that if Bitcoin follows its historical patterns, it could reach $90,000 within approximately two months. He pointed out that September has historically been the worst month for Bitcoin and the stock market, which could lead to a pullback. Nevertheless, the optimistic analyst highlighted that a significant pullback in September could be followed by a strong rebound in October, leading to a horizontal consolidation and a new upward move towards the new year.
The analyst emphasized that the $90,000 target is not the peak of the current cycle but rather a trend target based on the current weekly trend. He believes this parabolic uptrend could potentially continue to expand as part of Bitcoin’s ongoing market cycle until 2025.
During Svenson’s analysis, BTC was trading around $71,000, which corresponds to a 12% increase over the past 30 days. This upward momentum aligns with the analyst’s forecast for further significant gains, suggesting that the largest cryptocurrency could see a substantial upward move in the near future.
