Bitcoin Surges 2.1% to New All-Time High of $111,322

Bitcoin has recently surged to a new all-time high, prompting a closely followed crypto analyst to declare a confirmed breakout. Kevin Svenson, a prominent crypto trader, shared his insights in a recent strategy session with his 83,200 YouTube subscribers. According to Svenson, Bitcoin's latest upward shift indicates a continued climb until the end of this week, potentially reaching a price of at least $115,000. He predicts that this run could conclude around May 23rd or May 24th, driven by the momentum and excitement typically associated with breaking all-time highs.

Svenson cautions that while he anticipates a potential stall at $115,000, this does not necessarily mean the end of the bull run. He suggests that Bitcoin could experience some consolidation before surging further to his parabolic trend target of $124,000 by July. This outlook is based on the historical pattern of rapid price movements following the breach of all-time highs.

At the time of writing, Bitcoin is trading at $111,322, reflecting a 2.1% increase over the past 24 hours. Svenson's analysis underscores the volatile nature of the cryptocurrency market, where significant price movements can occur within short periods. His predictions are based on technical analysis and historical price patterns, providing a speculative outlook rather than a guaranteed trajectory. Investors are advised to conduct their own due diligence and assess the risks associated with high-volatility assets like Bitcoin.