Is Bitcoin About to Soar? Analyst Predicts a Potential 86% Surge!

Bitcoin's Bullish Outlook

Crypto trader Kevin Svenson asserts that Bitcoin (BTC) is on the verge of reaching $100,000 after a recent market downturn.

Svenson, who shares insights with his 79,000 YouTube subscribers, highlights a bullish divergence pattern observed on the daily chart. This occurs when the asset's price is either declining or stabilizing while indicators like the Relative Strength Index (RSI) show an upward trend. He explains:

“We got actually a slightly higher low in the RSI – you could also call it flat support, horizontal support. And upon that flat support, we had lower lows in price. That is a bullish divergence.”

Broadening Pattern and Price Targets

Svenson describes a broadening pattern on the Bitcoin chart, characterizing it as a bullish continuation pattern if it breaks through diagonal resistance. He suggests that Bitcoin could potentially skyrocket by 60% if it surpasses the $68,000 resistance level, targeting around $97,000.

“Going from the low [of around $49,000] to the potential breakout zone [at around $68,000] and then you look for a target using that, that actually lands us towards $97,000.”

Currently, Bitcoin is trading at $60,555. Svenson also identifies $88,000 and $113,000 as additional targets, indicating potential gains of 45% and 86% respectively.

Timeline for Bitcoin’s Surge

While Svenson is optimistic, he cautions that:

“Let’s not get ahead of ourselves; it’s going to take quite some time for this to play out fully. Price may actually end up, you know, squeezing into this range [between $49,000 and $70,000], chopping around for quite a while before getting the breakout. That breakout could take place in September.”

Watch Svenson’s analysis here

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.