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Experienced crypto currency analyst Kevin Svenson suggested that Bitcoin (BTC) could make a significant breakout and potentially rise by triple digits from its current levels. Sharing his views with his followers on social media platform X, Svenson bases his prediction on historical precedents and expects Bitcoin to gain in value by approximately 50% to 201%.
Predicting a Rise Up to $190,000
Svenson’s analysis points to a minimum target of $95,000 for Bitcoin, with a median target of $142,000. In the most optimistic scenario, the analyst forecasts that the largest crypto currency could rise to $190,000. He also mentioned that he expects the potential target price range to be between $95,000 and $142,000, with a possible midpoint around $124,000.
The analyst also warned that if Bitcoin continues its ascent towards new peaks, volatility could increase in the following months. He expects a level of fluctuation much higher than the current volatility levels when the largest crypto currency approaches $90,000.
The analyst highlighted that during such upward movements, investors can become vulnerable, often followed by a sharp correction leading to a significant parabolic trend break and the price entering a consolidation phase.
Consolidation Warning
Svenson emphasized the importance of caution during periods of excessive bullish expectations, especially as Bitcoin approaches a key psychological level like $100,000. Considering that the 4th block reward halving has not yet occurred, he underlined that Bitcoin could go through a consolidation phase before entering another upward trend following a potential rise to $90,000.
At the time this article was prepared, BTC was trading at $63,125, facing a decline of approximately 13% from its all-time high of $73,750 reached on March 14th. Svenson’s predictions come amidst growing anticipation and speculation in the crypto currency market, where investors closely monitor Bitcoin’s price movements and potential for further gains.
