A widely followed crypto analyst says a Bitcoin (BTC) rally to a six-figure price tag is still on the horizon.
In a new strategy session, crypto trader Kevin Svenson tells According to its 80,200 YouTube subscribers, a parabolic trend to six figures for the top crypto assets by market cap after the post-election boom is still a very real possibility.
According to Svenson, the crypto king could skyrocket to $124,000 in March and $142,000 in October, shattering all the bearish thesis put forward since 2023. However, the analyst says that BTC must first break the $94,000 barrier, noting that there is a parabolic trend. “very much in play” on the flagship digital asset’s weekly chart.
“$94,000 is the extrapolation of the falling widening wedge. So $94,000 – above that is the breakout. That’s the first goal, we’ll settle there for a while and then try to run to $124,000.
If it happens early enough, let’s say March next year, and then we have a huge correction by the summer of next year and we recover and recover, that means we could get to something like $142,500 around October next year. which is my kind of highest price that I would let Bitcoin go before I really want to take most of my profits.”
The trader’s chart indicates that after BTC reaches around $142,000, it could crash all the way back to pre-election levels.
Bitcoin is trading at $75,867 at the time of writing, a gain of 1.8% on the day. The night before the election it was valued at $67,800.
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Featured image: Shutterstock/HUT Design/Konstantin Faraktinov
