Bitcoin Analyst and Trader Kevin Svenson is optimistic about the future of Bitcoin (BTC) as it continues to experience a significant increase in price over the past week. Svenson, who has a large following on YouTube with 78,400 subscribers, believes that Bitcoin is currently on a parabolic trend that began in the fourth quarter of 2023 and could potentially reach a target price of $90,000.

Svenson explains that even after reaching the $90,000 mark, it does not signify the end of the cycle for Bitcoin. Instead, it would be a period of consolidation and re-accumulation, allowing for healthy price action and the involvement of new investors. He suggests that this cooling-off period would be followed by another surge in price, potentially pushing Bitcoin into six-figure territory.

However, Svenson acknowledges that there are alternative scenarios. It is possible that Bitcoin may not reach the projected high of $90,000 and instead experience a slight dip, which would break the parabolic trend. In such a case, Bitcoin may enter a sideways phase before resuming its upward trajectory. Svenson emphasizes that there are numerous possibilities for Bitcoin’s future price movement.

At the time of writing, Bitcoin is trading at $69,992, reflecting a 12% increase over the past week.

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