Closely followed crypto analyst Kevin Svenson shared his latest prediction on Bitcoin (BTC) with his YouTube subscribers amidst the market correction. The analyst emphasized that the largest cryptocurrency could make a dizzying price movement with a bold forecast.
Bitcoin’s $90,000 Prediction
Svenson claimed that Bitcoin is currently in the first phase of the fourth level of a parabolic curve model that started around November 2022. This formation typically consists of four stages where the price pauses and fluctuates before the uptrend continues.
In his analysis, Svenson pointed out the potential for increased volatility as Bitcoin enters the fourth stage of the parabolic curve formation. The analyst predicts significant price movements such as the largest cryptocurrency potentially reaching $80,000, retracting to $55,000, climbing above $70,000, and fluctuating around the mid-$60,000s. He warned that this fluctuation is a characteristic feature of parabolic trends and could be dizzying for investors.
Despite expectations of sharp price movements, the analyst expects Bitcoin to reach $90,000 based on the current parabolic curve formation. However, he refrained from making definitive statements about whether this price would be a peak for Bitcoin or signal the end of a bull run. Svenson added, drawing parallels with the market dynamics of 2017, that reaching the $90,000 target level could signify an important break in the parabolic trend and potentially lead to the formation of a much larger trend.
Current State of Bitcoin
As is known, BTC reached an all-time high (ATH) of $73,750 on March 14, then fell to $66,000, sending shockwaves throughout the cryptocurrency market. Since then, the largest cryptocurrency has managed to recover a significant portion of its losses and is currently struggling to break above the $70,000 threshold.
At the time of writing this article, Bitcoin is trading just above $69,000, at $69,045, up 2.79% in the last 24 hours. The current price movements, as shown in Svenson’s analysis, indicate that the fluctuation continues.
