Cryptocurrency analyst and trader Kevin Svenson says the price of Bitcoin (BTC) is on the cusp of accelerating upwards rapidly.
In a new strategy session, Svenson says Bitcoin is now “entering the vertical stage” where price “quite literally starts to go vertical.”
According to Svenson, Bitcoin could rally to as high as $150,000 during the vertical stage.
“The next parabolic advance would become a vertical advance, and $135,000 is just the next technical target, but the actual peak of this parabola will likely be something different. Probably somewhere in between $140,000 – $150,000.
More specifically, the specific price target that I have is $142,500, as a sort of rough yet specific estimate on the cycle peak target. But I’m very open to the idea that it could be more or less.”
Svenson says that Bitcoin’s potential rapid price advance could occur in a matter of weeks, going by historical precedent.
[03:06] “The next move, the next pump should be taking us up there in about a month or so. Maybe two to five weeks, I would say.
Because if you look at all of these past zones where we’ve seen major pumps, each one of these pumps takes place basically within a month or so. Some of them take a little bit longer, some of them are shorter, even.
But the meat of the move is about five weeks, four or five weeks back in early 2024…
…So, I’m saying about a month we could be expecting Bitcoin to be sitting at 135,800.”
Bitcoin is trading at $119,811 at time of writing.
Generated Image: Midjourney
