Bitcoin (BTC) could start a gigantic price explosion, according to popular analyst Kevin Svenson. In fact, he predicts an increase of up to 200% compared to the current price. That seems unbelievable now, because Bitcoin does not have its best few days of 2024 behind it.
A Bitcoin price of $190,000?
Svenson bases itself on historical data and expects an increase in value of somewhere between 50% and 201%. “Based on the ratio of previous price increases,” he tells his followers on social media platform X, “I arrive at a minimum of $95,000…”
“The average expectation is around $142,000. And if all goes well, we will reach $190,000. But somewhere around $142,000 seems more likely to me… it could also be between $95,000 and $142,000, perhaps around $124,000. I can see those kinds of amounts, that’s pretty much the range I predict based on a rough estimate.”
Svenson expects Bitcoin’s volatility to increase sharply in the coming months, especially if the cryptocurrency reaches new highs.
“What we are experiencing now is peanuts compared to what could happen if Bitcoin continues this rise and climbs towards $90,000,” Svenson said. “Then we’ll shoot up. And that moment is the moment when everyone becomes convinced that the bull market is back and we are going up endlessly, towards $100,000 or more. That is exactly the point at which people become vulnerable and hypnotized by the rising prices.”
“That is exactly the moment when you have to be extra careful,” warns Svenson. “Because that is the moment when the enormous upward trend can break, resulting in a major correction and consolidation.
And then,” he continues, “because we are still in the early stages – the halving hasn’t even happened yet – the price will probably consolidate after such a correction and then rise again at a later time.”
Valid for 1 month: Grab your 20 Euro bonus now at Bitvavo
Are you about to discover the crypto world and are you considering buying Bitcoin or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and the Dutch crypto exchange Bitvavo, our readers receive an exclusive offer
Only Available for 30 Days: register with Bitvavo via the button below and receive a welcome gift of 20 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!
Source: https://newsbit.nl/crypto-analist-voorspelt-bitcoin-is-klaar-voor-een-gigantische-koersexplosie/
