Analyst Kevin Svenson claims that a new all-time high for bitcoin is only a few months away. These Are His ObjectivesKevin Svenson, a cryptocurrency analyst, is growing optimistic about Bitcoin (BTC) as the leading cryptocurrency trades more than 20% below its peak, which was attained in March.
In a recent video, Svenson informs his 79,200 YouTube subscribers that Bitcoin is "probably just a few months away from a new all-time high."
The expert claims that Bitcoin consistently experiences corrections during all of its cycles, and this one is no different.
"Perhaps people are simply overexposed to the market and have high expectations for the rest of their lives following this bull market. And despite the fact that in previous cycles, 40% falls occurred several times in 2017 on the path from $200 to $20,000, there is a great deal of fear since everyone is so overexposed to the hardcore cryptocurrency individuals every time there is a drop
According to the expert, Bitcoin is developing a daily time frame downward broadening wedge, which is often regarded as a bullish indication. Svenson claims that Bitcoin co rise of as much as 63% from the present level should the descending spreading wedge pattern materialize as he has predicted.
"The widening wedge that is plunging... Yes, it remains here. It still active, nothing has changed.
The aim will also be dependent on the descending broadening wedge if such recovery does occur in the future. Finding a target for a descending broadening wedge can be done in two different ways: either measure from the top to the bottom of the pattern, or measure from the wedge's widest point and use that measurement to choose your goal.
Now that the wedge is positioned from its highest point to its lowest, the target is approximately $92,000. From the place where the Bitcoin is trading at $56,532 at time of writing.