Bitcoin News Today: Bitcoin May Surge 21% to 29% by October Says Analyst

Cryptocurrency analyst and trader Kevin Svenson has shared his bullish outlook on Bitcoin (BTC), suggesting that the digital currency is on the verge of a significant upward trajectory. In a recent strategy session, Svenson communicated his insights to his 83,500 YouTube subscribers, indicating that Bitcoin is likely to reach new all-time highs as it enters the final phase of its parabolic advance.

Svenson predicts that Bitcoin will experience steep rallies with shallow pullbacks, a pattern he refers to as the "vertical stage." According to his analysis, the price of Bitcoin could surge to levels between $140,000 and $150,000 before encountering a significant correction. This estimated range is expected to be the next top zone before a potential break in the parabolic trend. Svenson acknowledges that the price movement will not be linear, anticipating volatility and chop along the way to these higher levels. He speculates that this price range could be reached around October.

Svenson's analysis is based on a parabolic curve pattern, where Bitcoin is currently escaping base four. This phase is characterized by a blow-off rally before a parabolic burst. The analyst's chart suggests that Bitcoin is poised for substantial gains in the near future, although he cautions that a sharp correction may follow the next leg up.

At the time of writing, Bitcoin is trading at $116,445, reflecting a strong upward trend that aligns with Svenson's predictions. The analyst's forecast is based on his interpretation of market patterns and historical data, providing a bullish outlook for Bitcoin investors. However, it is important to note that Svenson's predictions are based on his analysis and should be considered as such. Investors are advised to conduct their own research and exercise caution when making high-risk investments in cryptocurrencies.