dailyhodl.com
A widely followed crypto analyst says that a Bitcoin (BTC) rally to a six-figure price tag is still in the cards.
In a new strategy session, crypto trader Kevin Svenson tells his 80,200 YouTube subscribers that a parabolic trend to six figures for the top crypto asset by market cap after its post-election boom is still a very real possibility.
According to Svenson, the crypto king could skyrocket to $124,000 by March and $142,000 by October, shattering all bearish theses brought forth toward it since 2023. However, the analyst says that BTC needs to breach the $94,000 mark first, noting that a parabolic trend is “very much in play” on the flagship digital asset’s weekly chart.
“$94,000 is the extrapolation of the descending broadening wedge. So $94,000 – above that high is the breakout. That is the first target, we settle up there for a while and then look to run to $124,000.
If it happens early enough, let’s say by March of next year, and then we have a huge correction by the summer of next year and we bounce back and recover, that means by around October of next year, we could hit something like $142,500, which is my sort of highest price I would allow Bitcoin to go before really wanting to take most of my profits.”
The trader’s chart indicates that after BTC reaches around $142,000, it could crash all the way back down to pre-election levels.
Bitcoin is trading for $75,867 at time of writing, a 1.8% gain on the day. The night before the election, it was valued at $67,800.