Bitcoin analyst and trader Kevin Svenson believes that BTC is showing a bullish signal as the leading cryptocurrency has surged by double digits in the past month.
In a recent video, Svenson shared with his 78,400 YouTube followers that Bitcoin is following a parabolic trend and is approaching a critical point of upward movement.
Describing it as a “Blue Sky Breakout,” Svenson explained that this occurs when an asset surpasses all previous price levels and enters a phase of price discovery. He predicts that this breakout is imminent.
Svenson anticipates that Bitcoin could rise by approximately 26% from its current value, reaching a target of $90,000. He emphasized the significance of this exponential increase and mentioned that while a parabola can only steepen so much before reversing, he believes there is room for further growth before any correction occurs.
Drawing from historical patterns, Svenson suggested that Bitcoin might hit the $90,000 mark within the next two months. He pointed out that August could be a crucial month for this surge, followed by a potential pullback in September before a bounce in October, which aligns with common market trends.
Despite the current price of Bitcoin standing at $71,200, reflecting a 12% increase over the last month, Svenson remains optimistic about the cryptocurrency’s future trajectory. He sees the ongoing parabolic trend extending into 2025.
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