According to a popular crypto analyst, there is still potential for Bitcoin (BTC) to rally to a six-figure price.
In a recent strategy session, trader Kevin Svenson shared with his 80,200 YouTube followers that a move to six figures for the leading cryptocurrency is a realistic possibility following its post-election surge.
Svenson predicts that Bitcoin could reach $124,000 by March and $142,000 by October, defying any bearish arguments made against it since 2023. He emphasizes the importance of breaking the $94,000 barrier first, as this would signal the start of a parabolic trend on the weekly chart.
“$94,000 marks the breakout point from the descending broadening wedge pattern. Once we surpass this level, the target is set at $124,000. If this occurs early, by March next year, followed by a correction and recovery, we could potentially see Bitcoin hit $142,500 by October next year, which is when I would consider taking profits.”
Based on Svenson’s analysis, Bitcoin may experience a significant drop back to pre-election levels after reaching around $142,000.
As of now, Bitcoin is trading at $75,867, representing a 1.8% increase for the day. The night before the election, its value stood at $67,800.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Featured Image: Shutterstock/HUT Design/Konstantin Faraktinov
