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A closely followed crypto analyst says that Bitcoin’s (BTC) latest upswing to a new all-time high has confirmed its breakout.
In a new strategy session, crypto trader Kevin Svenson tells his 83,200 YouTube subscribers that the top crypto asset by market cap’s latest upward shift confirms that it’s going to continue climbing until the end of this week, bringing BTC’s price to at least $115,000.
“This run could be finishing around the end of May 23rd or May 24th, that may be when we actually get to $115,000, so really just a three-day run just like [previously]. I mean I don’t see a reason why this can’t happen. Usually, when you break the all-time high, there’s a lot of momentum, there’s a lot of excitement, and prices move very quickly. So seeing Bitcoin at 115,000 around May 23rd or May 24th would be no surprise at all now.”
However, Svenson cautions traders not to take his prediction as meaning that the flagship digital asset is guaranteed to lose steam at $115,000, as he says it could shoot up to $124,000 by July.
“Even though I’m saying that we might stall at $115,000, that does not mean that the run would be over at $115,000. We might just get some chop consolidation and then ultimately run up towards my parabolic trend target of $124,000 – that’s where I think we might actually be by the time that July rolls around.”
Bitcoin is trading for $111,322 at time of writing, a 2.1% increase during the last 24 hours.
Generated Image: DALLE3
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