Bitcoin To Soar to New Heights Before the Year Ends, Predicts Analyst Kevin Svenson – Here’s His Perspective
Analyst Kevin Svenson is expressing his bullish sentiments towards Bitcoin (BTC) as the leading cryptocurrency hovers just below the $70,000 mark.
In a recent video shared with his 80,100 YouTube subscribers, Svenson confidently states that Bitcoin is on the brink of achieving a new all-time high.
The analyst believes that several factors could converge and propel Bitcoin to a record-breaking level “before the end of the year, maybe within a month.” Svenson notes that historically, Bitcoin tends to perform well during US presidential elections.
He states, “…going into the elections, we’re almost always bullish going into US presidential elections…. every time we break the [Bitcoin] all-time high, it’s after a US or during a US election and inauguration season. Every time. And here we are 12%, 13%, 12% away from the all-time high, elections coming up very soon. Probably going to hit a new all-time high…”
Svenson also points out that Bitcoin’s price action currently suggests a potential shift in trend from bearish to bullish.
“If October stays up where it is now [$66,000] or higher… this will be the first time that we’re getting higher high monthly closes. And that does signal a change in the trend, that this sideways boring market that we’ve had this year may be coming to an end. In a good way, in a bullish way. So I’m looking for continuation up regardless of this sort of slow price action that we’re seeing right now.”
At the time of writing, Bitcoin is trading at $67,745, approximately 8% below its all-time high of around $73,800 recorded in March.