Cryptocurrency analyst Kevin Svenson has predicted that Bitcoin could soar to $142,500. This article examines the details of his forecast and contributing factors.
Potential Bitcoin Price Targets
Svenson posited that Bitcoin could reach $190,000 in this cycle, though the more likely target is around $142,500. This suggests an increase of approximately 33% from the previous Bitcoin price of $107,017 at the time of writing. Svenson remarked, “The median ideal target is $142,500. You can expect Bitcoin to top out at this level during this cycle.”
Impact of Market Dynamics
Svenson points out that events in traditional financial markets, particularly in the U.S., could significantly affect Bitcoin's price. He suggests that if the S&P 500 reaches new record highs and maintains an upward trend, this will support Bitcoin's price. “From my perspective, if the S&P 500 climbs to new peaks and maintains this upward momentum, Bitcoin could potentially rise to at least $124,000,” he noted.
Forecasts for Peak Timeline
Svenson emphasizes that the final phase of the current cycle is approaching, referencing historical data showing that Bitcoin peaks typically occur about 80 weeks following the halving event. The peak could be expected between late October and early November 2024. “We are now in the final phase. The peak in this cycle might extend until the end of October or early November. After each halving, peaks are reached around 80 weeks, followed by declines. I foresee a similar timeline for this cycle,” he added.
Kevin Svenson's projection of a potential Bitcoin price rise to $142,500 highlights the importance of factors influencing investor decisions. However, the inherent risks and market volatility remain paramount.
