Bitcoin BTC/USD Might Surge by 83%, Analyst Kevin Svenson Predicts

Cryptocurrency analyst Kevin Svenson has predicted a possible 83% surge for Bitcoin BTC/USD however famous that that is contingent upon the stability of the stock market.

Renowned cryptocurrency analyst Kevin Svenson has predicted a possible 83% surge for Bitcoin (CRYPTO: BTC) however famous that this is contingent upon the stability of the stock market.

What Happened: Svenson suggested that the digital currency is on the cusp of a major rally.

In a video posted on YouTube this week, he asserted that Bitcoin is within a bullish structure that began in early 2023 and could potentially rise by 72% to 83% from its current standing.

“Bitcoin is sitting in another sideways range after the impulse up. Our first impulse up move [from January to May of 2023] was roughly 50%. After the next breakout zone, the next impulse up [from September to December of 2023], the next price was 57% to the next local top. From the next breakout [from January to March of 2024], the next top zone was 60%,” Svenson stated.

He further added, “If we get continuation, the next impulse up, if it's to be anything like these numbers that I just mentioned, the next impulse up 50% will land us at $110,000. And if we go to 60%, that's $117,000.”

However, Svenson cautioned that Bitcoin’s upward trajectory is dependent on the stability of the stock market.

“I think we can get that continuation if you ask me as long as the stock market remains relatively stable,” he said.

Svenson’s forecast is significant as it highlights the potential for a substantial increase in Bitcoin’s price. Yet, it also underscores the interdependence between cryptocurrency and traditional financial markets.

The caveat Svenson offered, that Bitcoin's rally is contingent on the stability of the stock market, points to the interconnected nature of these financial systems.

This connection could potentially influence the decisions of investors who are considering entering the cryptocurrency market.

At the time of writing, Bitcoin was trading at $66,683.22, showing an increase of 14% over the last seven days.

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