Cryptocurrency analyst and trader Kevin Svenson is saying that Bitcoin (BTC) could rally by up to 78% from the current level.
In a new strategy session, Svenson tells his 83,300 YouTube subscribers that a price of $190,000 is within the realm of possibility” for Bitcoin this cycle.
While $190,000 is the highest price target that Svenson says Bitcoin could reach during this cycle, the analyst says the most likely level the crypto king could reach is around 33% above the current price.
“And the middle, the median ideal target is $142,500. That is sort of where you can expect Bitcoin’s price to top out in this cycle.”
According to the crypto analyst, a stock market rally could act as a bullish catalyst for Bitcoin.
“The way that I see it, if the S&P 500 can break out into new all-time highs and continue through the all-time high, that would likely allow Bitcoin to run to at least $124,000 and maybe as high as $142,000. So, that is how I see this playing out.”
On when Bitcoin could top out during the current cycle, Svenson says,
“We’re on the home stretch here. And this might actually run all the way up towards maybe even October… …80 weeks after each halving is usually where the top comes in and where the bear market begins… …which for this cycle lands you at end of October, beginning of November [of this year].”
Bitcoin is trading at $107,017 at time of writing.
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