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.
#Bitcoin – Retesting Breakout Zone (Scenario)
Contrary to what you might think, the chart depiction below represents one of the best-case scenarios.
It allows indicators to reset, generates constructive price action, and sets the stage for a strong launch 🚀 into 2024. pic.twitter.com/MO3hFijvpE
— Kevin Svenson (@KevinSvenson_) November 13, 2023
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.
Furthermore, Svenson presents a long-term outlook for Bitcoin that he terms as “realistic,” projecting a substantial rally surpassing $125,000 by early 2025.
#Bitcoin – Looks realistic to me.
— Kevin Svenson (@KevinSvenson_) November 12, 2023
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.