Bitcoin Analyst Predicts Potential Rally to $90,000 Amid Price Surge

Kevin Svenson, a prominent analyst and trader, has expressed his optimistic outlook on Bitcoin (BTC) as the cryptocurrency’s price has experienced a double-digit increase over the past week. Speaking to his 78,400 YouTube subscribers, Svenson suggests that Bitcoin is currently following a parabolic trend that began in the fourth quarter of 2023 and could potentially reach a target price of approximately $90,000.

Svenson explains that following the initial $90,000 target, Bitcoin may experience a correction before experiencing another surge in price. He emphasizes that this correction does not mark the end of the market cycle, but rather provides an opportunity for the cryptocurrency to stabilize and undergo healthy price action. Svenson believes that this sideways movement allows for the exchange of coins and the entry of new investors, ultimately contributing to a potential future rally.

Furthermore, Svenson notes that it is highly probable for Bitcoin to reach six figures during this market cycle, highlighting the potential for significant growth. However, he acknowledges that there are alternative scenarios where Bitcoin may not reach such high levels. In these cases, the cryptocurrency may experience a price target slightly below $90,000, resulting in a break of the parabolic trend and a period of sideways movement before another upward trend.

As of the time of writing, Bitcoin is currently trading at $69,992, reflecting a 12% increase over the past seven days.

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