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An experienced trader closely monitoring Bitcoin's movements anticipates a significant downturn in its value, followed by a potential surge that could lead to substantial gains in the coming months. Kevin Svenson, an analyst with a substantial following on the social media platform X, suggests that if Bitcoin revisits and holds the $31,000 mark, it could signal a positive long-term trend for . Svenson believes that this correction might pave the way for a sustained upward momentum for Bitcoin in the upcoming year. He shares a chart outlining a probable scenario where Bitcoin tests the $31,000 level twice by year-end, followed by a potential surge to nearly $40,000 as 2024 begins. Furthermore, Svenson presents a long-term outlook for Bitcoin that he terms as “realistic,” projecting a substantial rally surpassing $125,000 by early 2025. At present, Bitcoin is valued at $36,367. Should Bitcoin follow Svenson’s long-term projection, it could potentially yield a remarkable 243% increase from its current value.
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