Crypto Analyst Predicts Bitcoin to Reach $100,000 Soon
Kevin Svenson, a well-known crypto analyst on YouTube, has recently shared his analysis on the future price trajectory of Bitcoin, stating that the cryptocurrency is heading for a strong surge to $100,000 this year. According to Svenson, Bitcoin is displaying a very bullish outlook on the weekly chart, and its upcoming halving in April could potentially trigger a parabolic rise.
The halving event reduces the block reward for Bitcoin miners by half, resulting in a decreased supply of new Bitcoins entering circulation. In the past, this supply reduction has often driven up the price of Bitcoin due to steady or increasing demand.
Bitcoin has recently led a market surge after a period of sluggishness following the launch of spot Bitcoin ETFs in the United States. The cryptocurrency has surpassed $47,000 for the first time this year, igniting hopes for a strong bull run in the crypto market.
Svenson pointed out that Bitcoin has not yet closed above $44,000 on the weekly timeframe in 2024. Nevertheless, recent price movements suggest that this may soon change, with the highest weekly close in the current cycle being recorded. If Bitcoin successfully clears the trapped liquidity around its price levels, it could potentially propel the crypto to reach the $60,000 mark.
Taking a broader perspective, Svenson examined past Bitcoin halvings and identified a recurring trend before and after each event. History has shown that the price of Bitcoin tends to rise in the months leading up to the halving and then goes on a parabolic trend in the subsequent months.
While past performance does not guarantee future price action, Svenson believes that several factors are aligning that could drive Bitcoin to surpass its previous all-time high. He stated, “There’s no reason for me to not think that we’re just going to do what we’ve been doing in these past cycles.”
Looking ahead, Svenson noted that Satoshi Nakamoto, the creator of Bitcoin, designed previous halvings to coincide with U.S. election years, which have historically caused a spike in the financial markets. Additionally, he mentioned that Bitcoin’s profitability has consistently increased until around 80 weeks after each halving, signaling the beginning of a new bear market. If this pattern repeats, the next bear market cycle is expected to start around October 2025.
Institutional interest in Bitcoin is also on the rise, contributing to a 9.57% surge in the past seven days. At the time of writing, Bitcoin is trading at $47,211.
It’s important to note that the opinions expressed in this article are for educational purposes only and do not constitute financial advice. Readers are advised to conduct their own research and consider the risks before making any investment decisions.