Bitcoin analyst and trader Kevin Svenson believes that BTC is showing signs of a bullish trend after its significant increase in value over the past month. In a recent video for his 78,400 YouTube followers, Svenson discusses how Bitcoin is currently on a parabolic trajectory and is approaching a potential “Blue Sky Breakout” moment.

Svenson explains that a Blue Sky Breakout occurs when an asset surpasses all previous price levels and enters a phase of price discovery. He predicts that this breakout is imminent for Bitcoin, indicating a possible 26% increase in value, with a target price of $90,000.

Based on historical data, Svenson suggests that Bitcoin could reach $90,000 within the next two months. He points out that August is historically a strong month for Bitcoin, with a potential pullback in September followed by a rebound in October. Despite the possibility of a correction, Svenson remains optimistic about Bitcoin’s long-term growth, projecting a continued upward trend into 2025.

As of the time of writing, Bitcoin is trading at $71,200, reflecting a 12% increase over the past month. Svenson’s analysis suggests that Bitcoin has the potential to reach new heights in the near future, with the possibility of hitting $90,000 in the coming months.

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