YouTube crypto analyst Kevin Svenson recently provided an analysis of Bitcoin's future price trajectory, predicting it to skyrocket to $100,000 this year. According to the analyst, the cryptocurrency is so bullish on the weekly chart that BTC is poised to go parabolic after the April halving.
half-life Bitcoin miners' block rewards will be cut in half, reducing the supply of new Bitcoins in circulation. Historically, we know that when supply decreases, the price of BTC increases as demand remains stable or increases.
Bitcoin's parabolic rise is not far away
After four weeks of lackluster performance following the launch of the Spot Bitcoin ETF in the US, Bitcoin is now leading the surge in the cryptocurrency market.Bitcoin Recently surpassed $47,000 For the first time this year, The resurgence of a powerful cryptocurrency Bull market.
Svensson says in his: YouTube Video showing that Bitcoin has yet to close above $44,000 on a weekly basis this year. However, recent price action suggests this is about to change, with the stock setting its highest weekly close so far in the current cycle. The analyst noted that if Bitcoin can successfully unwind the liquidity trapped around its core, the cryptocurrency could reach the first leg of the $60,000 price level.
On a larger timeline, Svensson looked at past Bitcoin halvings and noted trends that repeat before and after each halving. History shows that the price of BTC always tends to trend upward in the months leading up to a halving, and then goes parabolic in the months following.
Of course, past performance is not necessarily a guarantee of future price movement, but Svensson believes there are several factors converging that could cause Bitcoin to soar past all-time highs again. .
“There's no reason not to think we'll just do what we've done in past cycles,” he said.
Well, I'm looking forward to itAnalysts pointed out that past halvings were set by Satoshi to correlate with US election years, which have always caused financial market spikes.
Furthermore, Mr. Svensson Bitcoin profitability consistently increased up to 80 weeks after each halving, marking the beginning of a new bear market. If history repeats itself, his 80-week timeline after the next halving should be around October 2025, around which time we would expect a new bear market cycle to begin.
Institutional interest in Bitcoin has soared, contributing to a 9.57% rise over the past seven days. At the time of writing, Bitcoin is trading at $47,211.
‼ ️Get right in: #bitcoin The ETF is the most successful ETF ever in its first month of launch. 🚀
(out of a total of 5,535 launches over 30 years)
They hold the 1st ($IBIT), 2nd ($FBTC), 20th ($ARKB), and 22nd ($BITB) positions.
And there are still two days left. pic.twitter.com/NAVoyraPHT
— Swan Media (@Swan) February 9, 2024
BTC price recovers after brief dip | Source: BTCUSD on Tradingview.com
Featured image from Dall.E, chart from Tradingview.com
