Cryptocurrency analyst and investor Kevin Svenson predicts that Bitcoin
$104,871 could soar to $142,500 during the current cycle, peaking potentially in the October-November 2024 timeframe. While highlighting the robust performance of the S&P 500 as a positive catalyst for Bitcoin, Svenson cautions investors about the high volatility and inherent risks in the cryptocurrency markets.
Potential Price Targets for Bitcoin
Svenson elaborates that Bitcoin’s price might potentially reach $190,000 in this cycle. He references this figure as the upper target but emphasizes that the more likely and central target hovers around $142,500. This suggests an approximately 33% increase at the peak of Bitcoin’s next high.
Describing this scenario, Svenson remarks, “The median ideal target is $142,500. You can expect Bitcoin to top out at this level during this cycle.” His projections are formulated based on current market conditions and historical cycle analysis. At the time of writing, Bitcoin traded at $107,017.
The Impact of Market Dynamics
Svenson argues that developments in traditional financial markets, particularly within the U.S. stock markets, could significantly impact Bitcoin. He suggests that if the S&P 500 reaches new record levels and sustains an upward trend, Bitcoin’s price could gain substantial support.
According to Svenson, “From my perspective, if the S&P 500 climbs to new peaks and maintains this upward momentum, Bitcoin could potentially rise to at least $124,000, perhaps reaching $142,000. Developments will shape according to this scenario,” he notes, underlining the crucial role global market movements play in molding the cryptocurrency market.
Predictions for the Peak Timeline
When assessing when Bitcoin might reach its peak within this cycle, Svenson emphasizes that the cycle’s final phase is approaching. He recalls historical data indicating that Bitcoin typically peaks around 80 weeks following the “halving” event.
According to this calculation, the peak could occur between late October and early November of 2024. Svenson states, “We are now in the final phase. The peak in this cycle might extend until the end of October or early November. After each halving, peaks are reached around 80 weeks, followed by declines. I foresee a similar timeline for this cycle.” Svenson reiterates that all these predictions inherently contain risks, advising investors to conduct detailed research, acknowledging the market’s high volatility, and stressing the importance of caution.
