Kevin Svenson, a well-known analyst and trader, predicts new all-time highs for Bitcoin this year. In his opinion, fundamental and continuous movement is pushing the fund to new heights.
The analyst predicts new all-time highs for Bitcoin
In recent times video on YouTube, targeting his 81,000 followers, the analyst explained that the parabolic movement of Bitcoin could reach the asset maximum of $124,000 by the middle of the year.
After that, after a possible summer correction, Bitcoin can register final explosive rally near the end of 2025.
Analyzing the weekly chart, Svenson noticed several encouraging signs for the crypto asset, such as a possible hammer candle formation.
“Bitcoin's parabolic trend, seen on the weekly chart, appears solid. The weekly chart is turning positive again. It looks like a hammer candle is forming, which could continue the rise,” said Svenson.
Despite a recent move away from the uptrend line, Bitcoin is showing remarkable resilience. According to the analyst, even if there is a further correction, the asset could maintain a basic supportive trend, keeping gradually low levels.
Svenson confirmed that his view is still positive and that he does not see any signs that the trend is reversed.
Bitcoin towards $160,000 within ten months
According to Svenson, Bitcoin is currently in the fourth phase of a parabolic cycle, with strong rally potential.
“In theory, Bitcoin is building the fourth base of this cycle. We have already seen the first three and now we are in the fourth place. There may be a slight correction, but what is important is that each low is gradually higher. This is the sign of the formation of the fourth base, and our selling point is approaching the next goal,” explained Svenson.
Svenson estimates a peak of $160,000 within the next ten months. The analyst assumes that the most valuable crypto could continue to rise to $124,000 by the third stage of the cycle, before slowing down. After that, there could be a consolidation phase until the summer, followed by a final rush towards the end of the year, around October, when the bear market is expected to begin.
Bitcoin: expert predictions
Forecasts on Bitcoin are varied and controversial. The banking giant Standard Charteredwho had correctly predicted the $100,000 milestone, predicted a peak of $200,000, driven by interest from institutional investors, while the analyst Gert van Lagen has published an even more optimistic forecast, estimating a price target of $300,000, based on Elliott Wave Theory.
But some analysts, like Alan Santanafears that if Bitcoin fails to break the $100,000 mark, it could fall to the $40,000 level.
Bitcoin price analysis
Meanwhile, Bitcoin has moved back and regained the $96,000 threshold. It is currently trading at $96,952, with a slight increase of 0.25% in the last 24 hours.
On the weekly chart it accumulated a gain of 1.27%, and on the monthly chart it recorded a loss of 7.26%.
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