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Technical Analysis

Bitcoin: Weathering Downturns, Eyeing $125K Milestone

Bitcoin: Weathering Downturns, Eyeing $125K Milestone

An experienced trader closely monitoring Bitcoin's movements anticipates a significant downturn in its value, followed by a potential surge that could lead to substantial gains in the coming months.

Kevin Svenson, an analyst with a substantial following on the social media platform X, suggests that if Bitcoin revisits and holds the $31,000 mark, it could signal a positive long-term trend for BTC.

Svenson believes that this correction might pave the way for a sustained upward momentum for Bitcoin in the upcoming year.

He shares a chart outlining a probable scenario where Bitcoin tests the $31,000 level twice by year-end, followed by a potential surge to nearly $40,000 as 2024 begins.

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Furthermore, Svenson presents a long-term outlook for Bitcoin that he terms as “realistic,” projecting a substantial rally surpassing $125,000 by early 2025.

At present, Bitcoin is valued at $36,367. Should Bitcoin follow Svenson’s long-term projection, it could potentially yield a remarkable 243% increase from its current value.

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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