Bitcoin (BTC) Price Analysis: Analyst Kevin Svenson Leans Bullish, Targets Six-Figure Price by New Year

Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) days after the flagship crypto asset retraced by nearly 10%.

Crypto analyst and trader Kevin Svenson is predicting a six-figure price for Bitcoin (BTC) by the New Year if the apex crypto manages to stay above a key technical line.

Svenson shared his analysis with his 80,700 YouTube subscribers, stating that if Bitcoin holds support at a rising trendline on the daily chart, which has been in place for over two weeks, the crypto could be eyeing a $100,000 price target.

“There’s a ton of demand for Bitcoin and if we hold this level [rising trendline], I think that means we might just kind of settle up going into Thanksgiving. Maybe one more test down after Thanksgiving, maybe not.

But ultimately we’re looking at the $100,000 level, most likely by the New Year.

If Bitcoin maintains this trend line and just breaks out again, we’ll probably have $100,000 in December.”

Svenson further adds,

“If we are unable to maintain this trend line and we dip maybe one more time to the 0.382 Fibonacci [retracement level] which is like $87,500, well then we would probably have $100,000 maybe at the end of December or going into the New Year. Those are the two scenarios that I find likely.”

Fibonacci retracement levels, derived from the Fibonacci sequence, are used to identify potential support and resistance levels, with the most common being 0.236, 0.382, 0.5 and 0.618.

According to Svenson, the recent Bitcoin correction is considered a “pretty shallow retrace.”

“This pullback is really nothing in Bitcoin land. This type of a pullback that you just saw today we call that a Monday; it’s a standard day.”

Bitcoin’s price is currently trading at $93,402 at the time of writing, down roughly 9% from its all-time high of $99,645, which was set on November 22nd.