Kevin Svenson predicts a sharp rise in Bitcoin: Is the price heading towards $90,000?

Well-known crypto YouTuber Kevin Svenson expects that the price of Bitcoin (BTC) could rise significantly in the coming months. In a recent video on his channel, which has nearly 80,000 subscribers, Svenson discusses a so-called bullish reversal pattern. This technical pattern indicates a recovery period and portends potentially significant price increases.

Svenson highlights a number of crucial price levels that investors should keep an eye on to confirm the upward trend.

Svenson argues that a bull rally can occur provided the economy and stock markets remain stable. In that case, the technical pattern can develop further, as shown in the attached chart. In the short term, however, the analyst first expects a drop in the Bitcoin price to around $57,000, which represents a correction of almost 10%.

At this level, BTC price will find strong support around the downtrend line, which could serve as a springboard for another upward move.

Technical analysis of the Bitcoin price – Kevin Svenson

Technical analysis of the Bitcoin price according to Kevin Svenson

Svenson does not give an exact price target for the potential bull rally in his video. Still, the technical trendlines suggest that the Bitcoin price could potentially rise to $90,000. This would represent an increase of almost 50% and exceed the previous all-time high of $73,700.

Look at historical BTC price action

Svenson’s predictions are in line with historical BTC price trends and the expectations of renowned on-chain analyst PlanB. Generally, the price of the largest cryptocurrency consolidates after a halving event, the last of which took place last April. After a period of relatively stable price action, an explosive breakout often follows, after which BTC reaches new all-time highs.