Analyst Kevin Svenson Predicts Bitcoin Poised for Up to an 86% Surge – Outlines Potential Breakout Timeline

Cryptocurrency analyst Kevin Svenson foresees a surge in Bitcoin’s (BTC) value, nearing the $100,000 mark, in light of the recent drop in market prices this week.

In a message to his audience of 79,000 on YouTube, Svenson shares that Bitcoin is displaying a bullish divergence on its daily chart.

Such a bullish divergence is identified when the price moves downward or remains flat while an oscillator, like the Relative Strength Index (RSI), trends upwards indicating growing bullish momentum.

Svenson explains,

“The RSI showed a slightly elevated low – it could be seen as a stable, horizontal support. Against this support, we observed lower lows in the price, indicative of a bullish divergence.

What does this mean for the Bitcoin chart? It appears to be forming a broadening pattern, characterized by higher lows and even higher highs.”

A broadening pattern typically suggests a bullish continuation, especially if the asset breaks out of its diagonal resistance.

Svenson contends that if Bitcoin ascends above the pattern’s resistance near $68,000, it could potentially result in a 60% increase from present levels.

“Calculating from the bottom [approximately $49,000] to the potential point of breakout [around $68,000], and using that for our target, we arrive at roughly $97,000 for the culmination of this pattern.”

At the time of this statement, Bitcoin stands at $60,555.

The analyst also utilizes the Fibonacci extension tool to identify $88,000 and $113,000 as additional objectives, forecasting possible returns of 45% and 86%, correspondingly.

Svenson comments on the timing of these milestones,

“Let’s maintain a realistic perspective; it might take a substantial period for this pattern to fully develop. We could see the price compressing within this range [between $49,000 and $70,000], bouncing around for some time before the breakout happens. This could occur as late as September.”

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