According to cryptocurrency analyst Kevin Svenson, a potential major correction in the Bitcoin price in the coming months could signal an important turning point in the cryptocurrency market. Here are the details…
Kevin Svenson believes that Bitcoin’s major correction in the coming months will pave the way for the cryptocurrency to witness exponential gains. believes. Svenson suggested that a retest of Bitcoin’s previous resistance at $31,000 towards support would constitute a long-term bullish signal for BTC. This could allow Bitcoin price to rise on a stronger foundation in the coming months.
“Bitcoin – Retesting the Breakout Zone (Scenario):
The chart below represents one of the best-case scenarios, despite what you might think. It allows indicators to reset, creating constructive price action and setting the stage for a strong start to 2024… What does this chart actually say? This says there is an uptrend and upward direction in 2024. I don’t really care about a possible decline. “This is just a buying opportunity.”
NEWS CONTINUES BELOW
Koinfinans.com According to Svenson’s analysis, as we reported on Bitcoin’s chart, the cryptocurrency is predicted to reach the $31,000 level twice and then approach $40,000 in early 2024. Svenson states that this rise points to a long-term growth trend, despite the fluctuations that the cryptocurrency has experienced in recent months.
Svenson also laid out a long-term scenario that he described as “realistic.” Under this scenario, Bitcoin’s price could rise above $125,000 by early 2025. The chart shared by Svenson offers a perspective of this scenario, showing the future potential of cryptocurrency.
At press time, Bitcoin is trading at $36,609. Progress towards Svenson’s long-term goal indicates over 200% upside potential for BTC.
However, given the volatile market of cryptocurrencies, such predictions always involve a certain risk. Svenson’s analysis is based on past performance and it is difficult to predict future price movements with certainty. It is important for investors to act according to their own risk tolerance and follow market developments closely. The cryptocurrency market must be managed carefully as it is highly sensitive to news, regulations and general economic conditions.
You can follow the current price movement here.