Kevin Svenson, a prominent cryptocurrency analyst, outlined his forecast for Bitcoin’s growth, suggesting significant possibilities by the end of 2024.
How High Could Bitcoin Reach?
Svenson believes Bitcoin could peak at $190,000, but a more conservative target is $142,500, implying a 33% growth from its previous high. This view is based on historical trends and market conditions.
The Role of Traditional Markets in Bitcoin Growth
According to Svenson, Bitcoin’s projected path heavily relies on developments within the U.S. financial markets. He proposes that if the S&P 500 reaches new heights, it may significantly support Bitcoin’s growth. Economic trends play a vital role in driving digital currency fluctuations.
When Could the Peak Occur?
Svenson anticipates that Bitcoin will reach its peak during the concluding phase of this cycle, based on historical patterns suggesting peaks generally follow approximately 80 weeks after the ‘halving’ event. Thus, the peak is expected between late October and early November 2024.
Svenson's analysis emphasizes the significance of the interplay between economic indicators and cryptocurrency trends. Investors should remain informed and cautious given the current market volatility.
