Crypto Analyst: Bitcoin Price to Hit $116,000 in 2024

Bullish over Bitcoin

“In 2017, there were multiple phases of the parabolic trend. Short-term parabolic trends broke down into larger trends, which then broke down into even larger trends. Then you finally had the vertical run up,” said Kevin Svenson.

That vertical run up took Bitcoin to the $20,000 level in 2017, where the digital currency then only stayed for a very short time. It took until late 2020 before we saw that all-time high again.

“Now in 2024 we are in the same position. There is no reason why this cannot happen. What we need is a renewed sense of optimism and we need to regain the positive momentum,” the analyst claims.

Based on the chart above, Kevin Svenson seems to have a lot of confidence in Bitcoin and predicts a price of over $116,000 by the end of 2024.

Clear support for Bitcoin

“If you look at the beginning of 2023, at the moment of the first parabolic rise with the correction, we found support around the 45 level on the weekly RSI. Now we have jumped up again from that level. This could well be the zone where the trend starts an expansion,” said Svenson.

Svenson also says that the Moving Average Convergence Divergence (MACD), a trend indicator, suggests that the bulls are regaining control of the market.

According to Svenson, the bearish momentum is decreasing, which is a very good signal for the Bitcoin price. Can we finally start the second part of the bull run with Bitcoin?

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