Kevin Swenson: Bitcoin will rise to $ 142,500 after halving

Bitcoin is rapidly approaching the point of its parabolic uptrend, when the value of the cryptocurrency can skyrocket in a relatively short period of time, according to crypto analyst Kevin Swenson.

According to the expert, bitcoin is in the third base of the pattern, which gives it the opportunity to observe huge growth in the face of a rapid upward movement.

«I think it’s clear as day that we are now approaching the steeper part of the parabolic trend, namely the third base on the chart, when it gets really steep.

So here we are, guys. It’s getting pretty steep. What’s going to happen next? How high are we going to go?

After the third base, the price doubles: $ 45.00 times two is the goal of the parabola. $ 90,000 will be the target," Swenson says.

The analyst also notes that bitcoin tends to rise in bull markets when global liquidity, or the amount of money circulating in the global financial system, increases. According to the crypto strategist, bitcoin is currently growing despite the fall in global liquidity. In turn, this indicates that BTC can rise much higher than market players expect.

«…If the liquidity cycle turns in our favor, it will be something of a double whammy. Bitcoin is positively correlated with global liquidity, we have ETF (exchange-traded fund) approval, and we are approaching a halving of [халвінг]. There are a lot of really good things for bitcoin and cryptocurrencies, so I don’t lose hope that the unexpected is always possible in this market.

Theestimated peak value I have is $ 142,500," Swenson summarized.

Interestingly, more recently, Swenson suggested that in the medium term there is an objective probability that the market value of the VTS will fall by more than 25%. «The scenario I’m looking at right now is that at the time of the halving, we will see bitcoin soar to $ 60,000 or higher, followed by a correction to $ 44,000-$ 45,000,» the analyst suggested.