Bitcoin Analyst Predicts Major Bullish Rally, Eyes $142K Target

Bitcoin (BTC) continues to hold strong above $100,000, and crypto analyst Kevin Svenson believes the flagship cryptocurrency still has major upside potential. Despite bearish sentiment in the altcoin market, Svenson remains bullish, pointing to historical Bitcoin halving cycles as a key indicator for upcoming gains.

Bitcoin’s Bullish Cycle is Just Getting Started

[embed]https://www.youtube.com/watch?v=-t5V1cNm5oE[/embed]

Svenson explains that Bitcoin’s most exciting growth phase typically begins around 40 weeks after a halving event. With the most recent halving occurring on April 19, 2024, Bitcoin is now entering the period where previous cycles have seen the strongest rallies.

Looking back:

2012 Halving: Bitcoin turned extremely bullish 40 weeks later, with a bear market starting at 80 weeks.

2016 Halving: Similar trend—40 weeks post-halving saw a major rally, followed by a bear market at 80 weeks.

2020 Halving: Bitcoin had strong momentum until the 40-week mark, when altcoins began to dominate, leading to another bear market 80 weeks later.

Bitcoin’s Next Target: $124K–$142K?

According to Svenson, Bitcoin has room for another major parabolic surge, potentially pushing prices up 35% from current levels. He predicts targets of $124,000, $134,000, and even $142,000 before the rally loses steam.

With historical cycles supporting his analysis, Svenson believes that Bitcoin is still in the mid-phase of its bullish cycle, and the best is yet to come.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Bitcoin Major Bullish Rally

Bitcoin Analyst Predicts Major Bullish Rally, Eyes $142K Target

Sujit Kumar

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.