Cryptocurrency analyst Kevin Svenson predicts a potential surge in Bitcoin’s value, estimating a rise of up to 201% from current levels.
Target Price Ranges
Based on historical data, Svenson projects three potential target price ranges:
- Minimum: $95,000
- Median: $142,000
- Maximum: $190,000
Svenson suggests a more realistic target of around $142,000, but acknowledges the possibility of a range between $95,000 and $190,000.
Volatility on the Horizon
Svenson warns of increased volatility as Bitcoin approaches new highs. He anticipates a “vertical” ascent once it surpasses $90,000, potentially leading to a surge of bullish sentiment.
Caution Urged
Svenson cautions against overconfidence during such market conditions. He advises investors to exercise caution as parabolic price movements often result in significant corrections and consolidations.
Halving Impact
Svenson notes that Bitcoin’s halving event, which reduces the issuance of new coins, has not yet occurred. He believes that this event will further fuel the rally after the initial surge.
Current Market Conditions
At the time of writing, Bitcoin is trading at $63,125, down approximately 13% from its all-time high reached in March 2022.
