Cryptocurrency analyst Kevin Svenson has predicted a potential 83% surge for Bitcoin BTC/USD but noted that this is contingent upon the stability of the stock market.
Svenson suggested that the digital currency is on the verge of a significant increase.
In a video on YouTube posted this week, he asserted that Bitcoin is within a bullish structure that began in early 2023 and could potentially rise by 72% to 83% from its current standing.
“Bitcoin is sitting in another sideways range after the impulse up. Our first impulse up move [from January to May of 2023] was roughly 50%. After the next breakout zone, the next impulse up [from September to December of 2023], the next price was 57% to the next local top. From the next breakout [from January to March of 2024], the next top zone was 60%,” Svenson said.
He further added, “If we get continuation, the next impulse up, if it’s going to be anything like those numbers that I just said, the next impulse up 50% will land us at $110,000. And if you go to 60%, that’s $117,000.”
However, Svenson warned that Bitcoin’s upward trajectory is reliant on the stability of the stock market.
“I think we’re going to get that continuation if you ask me as long as the stock market remains somewhat stable,” he said.
Svenson’s forecast is significant as it highlights the potential for a substantial increase in Bitcoin’s value. However, it also underscores the interdependence between cryptocurrency and traditional financial markets.
The caveat Svenson provided, that Bitcoin’s growth is dependent on the stability of the stock market, points to the interconnected nature of these financial systems.
This connection could potentially influence the decisions of investors who are considering entering the cryptocurrency market.
At the time of reporting, Bitcoin was trading at $66,683.22, up by 14 percent in the last seven days.
Photo: Shutterstock
