Bitcoin Could Hit $92,000 Soon, Analyst Predicts

Cryptocurrency analyst Kevin Svenson is expressing renewed optimism about Bitcoin’s (BTC) prospects, predicting a potential surge in the near future.

Svenson noted that Bitcoin is currently trading over 20% below its all-time high from March, but he believes the cryptocurrency could soon reach new record levels.

Svenson emphasized that the current market correction is a typical part of Bitcoin’s cyclical behavior. He pointed out that such declines have occurred in previous bull runs, citing the 40% drops seen in 2017 as a historical precedent. According to Svenson, the market’s reaction to these dips often involves heightened concern, especially among those heavily invested in the crypto space.

The analyst also highlighted a technical pattern known as a descending broadening wedge, which he views as a bullish signal. This pattern, observed on Bitcoin’s daily chart, suggests that if the trend continues as predicted, Bitcoin could experience a significant upward movement. Svenson projected that Bitcoin might rise by up to 63% from its current level, potentially reaching between $89,000 and $92,000.

Svenson explained that the target range is derived from the pattern’s measurements: one method involves calculating from the highest to the lowest point of the wedge, while another uses the widest point of the pattern. Both methods converge on a target between $89,000 and $92,000, providing a bullish outlook for Bitcoin’s near-term future.