Bitcoin (BTC) gives hope to investors by holding above $ 100,000. Famous analyst Kevin Svenson thinks Bitcoin is approaching the most exciting part of the bull cycle. Based on historical data, the analysis shows that the price of BTC is preparing for a huge rise. So, what are the goals of Svenson?
Is the paraboolic rise for Bitcoin at the door?
Kevin Svenson says Bitcoin remains strong despite his market sensitivity. He says that the harsh corrections in Altcoins add negative atmosphere to the market, but Bitcoin still has a great rise potential.
Analyst emphasizes that Bitcoin is in the middle of the current cycle and the most exciting part now begins. According to him, Bitcoin’s big bull runs usually starts about 40 weeks after Halving. The Halving event in 2024 took place on April 19 and we are now 41th week.
Can history repeat?
Svenson sees a similar model when he examines the past halving cycles. After 2012 and 2016 Halving, Bitcoin experienced a strong rise from the 40th week and the month market started in the 80th week.
A similar trend was observed in the 2020 Halving cycle. Bitcoin was strong until 40th week, but the Altcoin market began to move at this point. 80 weeks later entered the bear market. If history repeats, it may be possible for Bitcoin to start a big bull run.
What are the new goals for Bitcoin?
Svenson thinks Bitcoin can rise up 35 %more than current levels. According to the analyst, BTC can reach 124,000, 134,000 and even 142,000 dollars with a parabolic rise. Bitcoin is currently trading for $ 105,023 and remains strong. If Svenson’s analysis is correct, Bitcoin may experience a huge rise in the coming weeks. However, investors should be careful and follow the price movements closely!
Bitcoin’s rise signals can change the general momentum of the market. If corporate investor interest increases and macroeconomic factors are supportive, BTC can reach new record levels. Investors should monitor the critical resistance points and pay attention to the volatil structure of the market.
