Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers above the $100,000 price.
Svenson tells his 82,300 YouTube subscribers that Bitcoin possesses more upside potential despite the bearish sentiment in the crypto market which he attributes to the severe price correction witnessed on some altcoins over the recent past.
“So needless to say, Bitcoin’s doing extremely well despite the sentiment that you guys may have been feeling or seeing across the market.
…we do have room to move up in this cycle it clearly didn’t just begin and it’s also not coming to an end. We’re in the middle and we’re near the really exciting part.”
The analyst says that based on history, the “really exciting part” of the cycle for Bitcoin starts 40 weeks after the halving. The fourth halving event occurred on April 19th of 2024 and it’s nearly 41 weeks since.
“Forty weeks after the 2012 halving, things got really bullish and then the bear market begins 80 weeks after the 2012 halving.
Move over to 2016 halving – 40 weeks later things got really bullish, bear market begins 80 weeks after the 2016 halving.
Go over here to 2020 halving, things were already really bullish until the 40th week in the last cycle although the altcoin cycle began at the 40th week, Bitcoin sort of went sideways but altcoins got most bullish at this point. And then 80 weeks later the bear market begins. Just like the other cycles.”
According to Svenson, the price of Bitcoin could rise by up to 35% from the current level.
“I think that we’re going to get probably another major parabolic swing to a much higher target before this parabolic trend actually ends. So I’m very bullish $124,000, $134,000, $142,000… these prices seem very possible to me.”
Bitcoin is trading at $105,023 at time of writing.
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