Crypto Analyst Kevin Svenson Maintains "Bullish Bias" on Bitcoin Despite Potential Correction
Cryptocurrency analyst and trader, Kevin Svenson, is offering his predictions and insights into the future of Bitcoin (BTC). In a recent video posted on his YouTube channel, Svenson expressed his optimism and "bullish bias" regarding Bitcoin's long-term performance.
Despite the possibility of a correction in the short to medium term, Svenson believes that Bitcoin will eventually experience a significant surge in value. He stated, "Even if we do get rejection during or after the [Bitcoin] halving, ultimately I think it’s just going to lead to a much larger parabolic expansion phase."
The highly-anticipated Bitcoin halving, which is scheduled for mid-April, is expected to have a substantial impact on the cryptocurrency's price. Svenson suggests that we are still at least ten months away from reaching the peak of the current price cycle.
Svenson remains open to the market's decisions regarding the specific price target and peak of Bitcoin's upward trend. However, he plans to scale out of his investment between the 40th and 80th week, encompassing a period from January 2025 to October 2025. This time frame is seen as the ideal profit end zone for investors.
With this projection, Svenson estimates that there will be approximately a year to a year and a half of general bull market price action and sustained upward trends. This means that Bitcoin's parabolic expansion will continue, leading to even larger parabolas.
As of the time of writing, Bitcoin is currently trading at $52,303. This represents a significant increase of about 32% from its low of approximately $39,505 in 2024.
Svenson's positive outlook on Bitcoin's future performance aligns with the growing optimism in the cryptocurrency market. However, as always, it's important to approach investment decisions with caution and conduct thorough research.
Disclaimer: The information provided in this article is solely for informational purposes and should not be considered as financial advice. As with any investment, it is essential to do your own research and seek professional guidance before making any decisions.
Analyst comment
Positive news. The analyst maintains a bullish bias on Bitcoin, predicting a parabolic expansion phase even if a correction occurs. The Bitcoin halving in mid-April is expected to lead to a larger price increase. The analyst suggests scaling out between January 2025 and October 2025, indicating over a year of general bull market price action and uptrends. Bitcoin is currently trading at $52,303, up by around 32% from its recent low.
