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Technical Analysis

Analyst Predicts Bitcoin Could Hit $90,000 by Late Summer

Analyst Predicts Bitcoin Could Hit $90,000 by Late Summer

Analyst Kevin Svenson has identified a promising trend for Bitcoin (BTC) after its significant price increase over the last month.

In his latest video update, Svenson said that Bitcoin is nearing a critical breakout point.

Svenson explains that Bitcoin is on the brink of a “Blue Sky Breakout,” a phase where it surpasses all historical price levels and enters a new territory of price discovery. He suggests that Bitcoin’s current parabolic trend could push its price up by approximately 26%, targeting a rise to around $90,000.

He predicts that if this trend continues, Bitcoin could achieve this target by late summer. Svenson also mentions that historically, September tends to be a challenging month for Bitcoin and the stock market, often followed by a recovery in October.

READ MORE: Robert Kiyosaki Predicts Bitcoin to Reach $350,000 – Here is When

He anticipates a possible pullback in September but expects the overall upward trend to continue into the New Year and beyond, extending into 2025.

Svenson clarifies that the $90,000 target is based on the current trend and is not the ultimate peak for Bitcoin in this cycle. He remains optimistic about Bitcoin’s long-term prospects, forecasting continued growth in the coming years.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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