dailyhodl.com
16 February 2024 09:53, UTC
Cryptocurrency analyst and trader Kevin Svenson is offering his forecast for Bitcoin (BTC) over the coming weeks and months.
In a new video, Svenson tells his 72,200 YouTube subscribers that he is maintaining a “bullish bias” on Bitcoin going forward.
According to the crypto analyst, Bitcoin will inevitably skyrocket even if a correction occurs over the short to medium term.
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“Even if we do get rejection during or after the [Bitcoin] halving, ultimately I think it’s just going to lead to a much larger parabolic expansion phase.”
The Bitcoin halving is scheduled for mid-April.
According to Svenson, the price of Bitcoin is at least ten months away from reaching the cycle’s peak.
“I’ll just let the market decide what the price target is, where the peak is and I’ll be looking to scale out at the 40th to 80th week zone which is going to be January of 2025 to October of 2025. That is the expected profit end zone – October of 2025.
So no matter where that is, that is the target area. That’s where you want going to be scaling out. Which means we have over a year, about a year to a year and a half of general bull market price action, general uptrends. You know, parabolas expanding into larger parabolas.”
Bitcoin is trading at $52,303 at time of writing, up by around 32% from the flagship crypto asset’s 2024 low of around $39,505.
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