June 14, 2024
Bitcoin

Bitcoin on Cusp of Major ‘Blue Sky Breakout’, Says Crypto Analyst Kevin Svenson – Here Are His Targets


Analyst and trader Kevin Svenson is saying that Bitcoin (BTC) is flashing a bullish signal amid the flagship crypto asset’s double-digit bump over the past month.

In a new video, Svenson tells his 78,400 YouTube subscribers that Bitcoin is on a parabolic trend and is close to a “point of going vertical.”

“Bitcoin is near what is called a Blue Sky Breakout. A Blue Sky Breakout is when an asset breaks above all previous historic price action and experiences what’s called price discovery. So a Blue Sky Breakout is likely what’s coming up very, very soon.”

Source: Kevin Svenson/YouTube

According to Svenson, Bitcoin is in a parabolic trend and could go up by around 26% from the current level.

“We are following this exponential rise in price, an accelerating trend… the target is $90,000. In mathematics, a parabola can only be so steep before it turns backward. So you have to understand that we are going to break it at some point. But I think we have a lot higher prices to see before that happens. Going from $70,000 to $90,000 is no joke. That is a huge gain for all the top players out there.”

Source: Kevin Svenson/YouTube

Svenson says that if history repeats itself, Bitcoin could hit the $90,000 price in about two months.

“So if we were to get the vertical push and reach $90,000 by about August or so September is the worst month of the year on record for Bitcoin and the stock market going back in time, of all of history.

And so if we are going to follow some level of seasonality, well that’s perfect timing here… going vertical into August and then seeing a major pullback in September followed by an October bounce, which is also quite common, a sideways consolidation and a push into the New Year.

So this parabolic trend prediction of $90,000 is not a cycle peak target – it is simply a trend target. The current trend on the weekly and I think that this cycle is going to be continuing to expand into 2025.”

Source: Kevin Svenson/YouTube

Bitcoin is trading at $71,200 at time of writing, up by around 12% over the past 30 days.

 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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