Posted 2/26/2024, 10:30:00 PM
Bitcoin Price Could Hit $90K, Analyst Predicts - But Market Risks Remain
- Analyst Kevin Svenson predicts Bitcoin could reach $90,000 based on analysis of historical price patterns and surge ratios, though notes predictions should be taken cautiously
- Svenson sees Bitcoin following a parabolic curve pattern that typically precedes major price rises
- Bitcoin's independence from traditional market dynamics due to institutional adoption and blockchain advances supports potential for further price rises
- Factors like regulatory uncertainty and declining Bitcoin dominance could hinder the $90,000 target
- Excess speculation indicated by a Bitcoin leveraging metric signals chances of a market correction