In a recent video, cryptocurrency analyst and trader Kevin Svenson shared his bullish outlook on Bitcoin, predicting that it could reach a six-figure price much sooner than anticipated. Svenson, addressing his YouTube audience of 78,900 subscribers, explained that Bitcoin has been making significant upward moves since its low point in late 2022, with its price showing strong impulse moves in double-digit to triple-digit percentage gains.
Svenson believes that Bitcoin is just one more impulse move away from hitting the $100,000 mark. He emphasized that markets often move in unexpected ways and highlighted the potential for a “blue-sky breakout” once Bitcoin surpasses its recent high of $74,000. This breakout could lead to a surge in momentum and demand, driven by Fear of Missing Out (FOMO), as more investors rush to enter the market.
At the time of his analysis, Bitcoin was trading at $66,687. Svenson suggested that we might see Bitcoin reach $100,000 faster than most people expect, possibly within the next few months, especially with the current favorable fundamental news for Bitcoin. However, he also warned of an impending bear market for Bitcoin and other high-risk assets, likely bringing a significant contraction not just for Bitcoin but for the stock market and the broader economy as well.
Svenson predicted that after hitting new all-time highs and experiencing some sell-offs and profit-taking, Bitcoin might see another push-up into 2025 before the anticipated major contraction occurs.
