Kevin Svenson, a prominent analyst and trader, recently discussed Bitcoin‘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.
What is Driving Bitcoin’s Parabolic Uptrend?
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.
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.
Why Could Bitcoin Hit $90,000 in Two Months?
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 stock market, 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.
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.
Key Takeaways for Investors
– Bitcoin is in a parabolic uptrend, nearing a “Blue Sky Breakout.”
– A significant rise to $90,000 is predicted within two months.
– Historical patterns suggest a potential pullback in September, followed by a rebound in October.
– The $90,000 target is not the cycle peak but a trend target based on current trends.
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.