Kevin Svenson, a well-known cryptocurrency analyst and trader, predicts that Bitcoin (BTC) is on the verge of entering a new strong bullish phase, referred to as "the largest parabolic rally." Here are some key points in his prediction:
• Price target: Svenson sets the first price target for Bitcoin at $120,500, with the potential to reach $140,000 to $150,000 in the coming months.
• Technical analysis: He bases his prediction on technical analysis, including the S&P 500 reaching historical peaks and Bitcoin often following this trend.
• Growth phase: Svenson believes that Bitcoin is in the final stage of a strong parabolic trend, starting from 2023, and is about to enter a "vertical" phase with rapid growth.
• Warning: However, he also warns that this growth cannot last forever and will eventually be corrected, as has happened in previous cycles.
Several factors supporting Svenson's prediction include:
• Bullish signal: Bitcoin has surpassed a key resistance level and is approaching a decisive moment.
• Inflows into ETFs: Bitcoin spot ETFs in the US have seen consecutive inflows, indicating increasing confidence among institutional investors.
• Market sentiment: Interest and investment in Bitcoin are rising, potentially pushing the price higher.
