Markets
One analyst predicts Bitcoin will surge 83%, but there’s a major problem: “We’ll continue to rise until…”
Cryptocurrency Analyst Kevin Svenson predicted a potential increase of 83% for Bitcoin BTC/USD but noted that this is contingent on stock market stability.
Svenson speculated that the digital currency is on the verge of seeing a significant surge.
In a video on Youtube released this week, said that Bitcoin is in a bullish structure that began in early 2023 and could potentially increase 72% to 83% from its current level.
“Bitcoin is in another sideways range after the upward impulse. Our first move upwards [from January to May of 2023] was about 50%. After the next breakout zone, the next upward impulse [from September to December of 2023]the next price was 57% from the next local high. From the next breakout [from January to March of 2024]the next highest zone was 60%,” Svenson said.
He further added: “If we get a continuation, the next surge up, if it’s anything like those numbers I just said, the next 50% surge up will take us to $110,000. And if it goes to 60%, that’s $117,000.”
However, Svenson cautioned that Bitcoin’s upward trajectory will depend on the stability of the stock market.
“If you ask me, I think we will continue to do this as long as the stock market remains fairly stable,” he said.
Svenson’s prediction is significant because it highlights the potential for a substantial increase in Bitcoin’s value. However, it also highlights the interdependence between cryptocurrency and traditional financial markets.
Svenson’s caveat that Bitcoin’s growth depends on the stability of the stock market underscores 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 writing, Bitcoin was trading at $66,683.22, up 14 percent in the last seven days.
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