Parabolic

Bitcoin

Kevin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoin-could-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin Could Surge</a><br></p>
<p style="text-align: justify">Kevin Svenson, a prominent analyst and trader, recently discussed <a href="https://en.bitcoinhaber.net/exploring-recent-challenges-and-outlook-in-bitcoin-market-dynamics" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s (BTC) robust performance and potential growth. After experiencing a significant uptick last month, Bitcoin is displaying bullish signals, suggesting a possible major breakout soon.</p>
<h2 id="what-is-driving-bitcoin-s-parabolic-uptrend">What is Driving Bitcoin’s Parabolic Uptrend?</h2>
<p style="text-align: justify">In a recent YouTube video, Svenson highlighted that Bitcoin is currently in a parabolic uptrend, nearing a “Blue Sky Breakout.” This term refers to an asset surpassing all previous price records, entering a phase of price discovery. Svenson explained that Bitcoin is experiencing an exponential rise, which could lead to a substantial increase from current levels, predicting a possible 26% boost to around $90,000.</p>
<p style="text-align: justify">However, he cautioned that such steep parabolic trends eventually reverse, indicating that while a correction is certain, there remains considerable potential for gains before this occurs.</p>
<h2 id="why-could-bitcoin-hit-90-000-in-two-months">Why Could Bitcoin Hit $90,000 in Two Months?</h2>
<p style="text-align: justify">Svenson forecasts that Bitcoin could reach $90,000 within two months if it follows historical patterns. He noted that September often proves challenging for Bitcoin and the <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">stock market</a>, possibly leading to a pullback. Despite this, he remains optimistic, suggesting a significant rebound in October, resulting in horizontal consolidation and a renewed upward trend towards the end of the year.</p>
<p style="text-align: justify">Importantly, Svenson clarified that the $90,000 target is not the peak of the current cycle but a trend target based on the weekly trend. He envisions the parabolic uptrend continuing to grow as part of Bitcoin’s market cycle, potentially extending until 2025.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">– Bitcoin is in a parabolic uptrend, nearing a “Blue Sky Breakout.”<br> – A significant rise to $90,000 is predicted within two months.<br> – Historical patterns suggest a potential pullback in September, followed by a rebound in October.<br> – The $90,000 target is not the cycle peak but a trend target based on current trends.</p>
<p style="text-align: justify">Svenson’s analysis aligns with Bitcoin’s recent trading around $71,000, showing a 12% increase over the past month. This momentum supports his forecast for further substantial gains, indicating a significant upward movement could be on the horizon.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoin-could-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin Could Surge</a></h5>

Analyst Predicts Bitcoin Could Surge

Table of Contents

BH NEWS

Other articles published on Jun 7, 2024

Decoding BlockDAG’s Lucrative 30,0000x ROI Potential as Uniswap Surges & Bitcoin Sees Bearish Trends

Best Presale in 2024: MoonBag Emerges as the Preferred Choice Over Immutable X and Binance Coin

BlackRock’s Bitcoin ETF Attracts $780 Million Inflows in 3 Days

Sky Mavis recovers $5.7M from Ronin Bridge hack

Top Cryptocurrencies to Watch in June 2024: BlockDAG Surges Ahead of the Uniswap Surge and BNB Ch...

Market Bulls Flock to Meme Coins

Join our free newsletter for daily crypto updates!