Bitcoin (BTC) is currently trading just below $70,000, and analyst Kevin Svenson is feeling optimistic about its future. In a recent video shared with his 80,100 YouTube subscribers, Svenson expressed his belief that Bitcoin is on the verge of hitting a new all-time high.
Svenson highlighted several factors that could potentially drive Bitcoin to a new record high in the near future. He pointed out that historically, Bitcoin tends to perform well leading up to US presidential elections. In fact, he noted that every time Bitcoin has broken its all-time high, it has coincided with a US election or inauguration season. With the upcoming elections on the horizon and Bitcoin just 12% away from its previous peak, Svenson believes that a new all-time high could be imminent.
From a technical analysis perspective, Svenson suggested that Bitcoin’s price action is indicating a shift from a bearish to a bullish trend. He pointed out that if October closes at or above its current level of $66,000, it would mark the first time in a while that Bitcoin has seen higher high monthly closes. This change could signal the end of the sideways market that Bitcoin has experienced this year and usher in a more bullish phase.
Currently, Bitcoin is trading at $67,745, approximately 8% below its previous all-time high of $73,800 set in March. Despite the slight dip, Svenson remains optimistic about Bitcoin’s potential for further gains in the near future.
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In conclusion, Kevin Svenson’s bullish outlook on Bitcoin reflects the positive sentiment surrounding the flagship cryptocurrency. With potential catalysts on the horizon and technical indicators pointing towards a trend reversal, Bitcoin could be gearing up for another impressive rally in the coming weeks. Stay tuned for more updates on Bitcoin’s price action and market developments.