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.

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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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.