Analysts predict growth of bitcoin cryptocurrency to $ 92,000

Cryptocurrency analyst Kevin Swenson predicts a significant increase in the value of bitcoin, reaching $ 92,000. According to his forecast, the current dynamics of the bitcoin price forms a pattern known as an «expanding wedge,» which may indicate a likely price increase.

Swenson foresees a 63% increase from the current value, which is approximately $ 89,000-$ 92,000. Although the cryptocurrency is 20% below its historical high, it has the potential for recovery and further growth. The analyst compares the current situation with the market fluctuations of 2017, when the price of bitcoin was also in an unstable state, but then rose sharply. The basis for this conclusion is the analysis of market behavior on charts and historical data, in particular the behavior of the US dollar index, which affects the cryptocurrency.

Another important factor is the decrease in the supply of bitcoin due to the upcoming halving (reduction of mining rewards), which traditionally leads to an increase in demand. Given these circumstances, Swenson suggests that the cryptocurrency market may experience a new wave of bullishness, which will lead BTC to new price records.

Some experts agree with the analyst, but note that the cryptocurrency market is very volatile. They recall the previous sharp ups and downs of bitcoin, so they advise caution when investing.

The expectation of price growth is also supported by the growing interest in cryptocurrencies among institutional investors. Large financial players are increasingly investing in digital assets, which also contributes to the stability and growth of the market.