Crypto Money Analyst and Investor Kevin Svenson, Bitcoin $104,786.02He predicted that the current cycle could rise to $ 142,500 and the summit could be held in the October-November 2024 period. Svenson emphasized that strong performance in S&P 500 may be a positive catalyst for Bitcoin, but warned investors about high volatility and risks.
Possible price targets for Bitcoin
Svenson said Bitcoin price can potentially reach $ 190,000 in the current cycle. However, in defining this level as the top target, he underlined that the more likely and central target is $ 142,500. This corresponds to an increase of approximately 33 %at Bitcoin’s next summit.
Analyst In the middle, the median is the ideal target of $ 142,500. These estimates were presented as a result of existing market conditions and historical cycle analyzes. Bitcoin was traded at $ 107,017 at the time of the news.
Effect of Market Dynamics
Svenson argued that developments in traditional financial markets, especially in US stock exchanges, may have a significant impact on Bitcoin. He argued that the price of Bitcoin may receive significant support if the S&P 500 index reached new record levels and maintained this upward trend.
“In my point of view, the S&P 500 reaches new peaks and if this upward movement continues, it may be possible for Bitcoin to rise to at least $ 124,000 and perhaps $ 142,000. Developments will be shaped according to this scenario.
Forements on the History of Summit
Svenson also evaluated when Bitcoin can reach the summit point in this cycle and stressed that the final stage of the current cycle was entered. Based on historical data, he reminded that Bitcoin usually peaked in the 80th week after the “halving” event.
According to this calculation, the summit in question may coincide with the end of October 2024 and the beginning of November. Svenson, “We are in the last stage. In this cycle, the summit may extend until the end of October, or until the beginning of November. The summit is reached in about 80 weeks after each half and then the decreases begin. I foresee a similar calendar for this cycle.” The analyst has repeated that all these estimates have risks in nature and that investors should conduct detailed research, that the market has high volatility and the importance of being cautious.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
