A closely watched trader believes that a deep Bitcoin (BTC) will pave the way for the crypto king to witness exponential gains in the coming months.
Analyst Kevin Svenson tells his 130,500 followers on social media platform
According to Svenson, the correction would give BTC a sustainable rally next year.
“Bitcoin – Retesting Breakout Zone (Scenario):
Contrary to what you might think, the graph 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 in 2024…
What does this graph really say? It says uptrend and bullish in 2024. A possible dip really doesn’t matter to me. It’s just a buying opportunity.”
Looking at Svenson’s chart, he seems to predict that Bitcoin will reach the $31,000 level twice by the end of the year, before reaching almost $40,000 in early 2024.
The analyst also reveals a long-term scenario for Bitcoin that he calls “realistic.” He shares a chart showing that Bitcoin will rise well above $125,000 in early 2025.
At the time of writing, Bitcoin is worth $36,367. A move toward Svenson’s long-term target suggests upside potential of over 243% for BTC.
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Generated image: Midjourney