- Kevin Svenson predicts a bullish surge for Bitcoin, targeting $90,000.
- Bitcoin’s parabolic trend suggests significant price gains in the near future.
The cryptocurrency world is focused on Bitcoin (BTC), as it keeps exhibiting bullish indications. Recently, analyst and trader Kevin Svenson has emphasized the noteworthy upward trend of Bitcoin, which has increased by double digits over the past month.
BTC is now in a parabolic trend and getting close to a turning point that could cause it to go “vertical,” claims Svenson.
Blue Sky Breakout on the HorizonÂ
Bitcoin is getting nearly to what Svenson refers to as a “Blue Sky Breakout.” When an asset surpasses all prior historic price action, it is said to be in a price discovery phase. “A Blue Sky Breakout is likely what is coming up very, very soon,” says Svenson, who feels this breakthrough is imminent.
Meanwhile, CoinMarketCap data show that Bitcoin is trading at about $71,169.42 as of writing. This is a rise of 4.20% over the previous week and 0.35% over the last 24 hours. These numbers emphasize the increasing optimism about BTC.
According to Svenson, the parabolic trend of BTC may cause a substantial price increase with a target of $90,000. He said:
“We are tracking this exponential rise in price, an accelerating trend… the target is $90,000.”
Though parabolic trends eventually end, Svenson points out that Bitcoin has a lot of room to rise before then.
Historical Patterns and Seasonal TrendsÂ
Using past data, Svenson projects that if trends hold true, Bitcoin may hit $90,000 in around two months. In August, he predicts a vertical surge, and in September, a historically difficult month for the stock market and Bitcoin, a retreat.
According to Svenson, October should bring a rebound, then sideways consolidation and more upward movement into the New Year.
Recent market activity just serves to reinforce the bullish prediction for Bitcoin. Today is the expiration date for Ethereum options valued at $984 million and Bitcoin options valued at $1.24 billion, according to a recent ETHNews report.
Svenson makes clear that his $90,000 target is a trend target rather than a peak for this cycle. He thinks the present weekly chart pattern will keep growing and maybe reach 2025.