Bitcoin Likely To Hit New All-Time High Before the End of the Year, Says Kevin Svenson – But There’s a Catch

Analyst and dealer Kevin Svenson says Bitcoin (BTC) may submit new all-time highs (ATHs) earlier than the tip of 2024.

In one other technique session, Svenson tells Based on its 79,700 YouTube subscribers, Bitcoin stays in a macro uptrend and will quickly rise previous the present ATH degree of round $74,000.

“I am very bullish on this market, bullish on Bitcoin. I feel we are going to attain new all-time highs this yr earlier than the tip of the yr, almost certainly within the fourth quarter.”

Nevertheless, he warns that Bitcoin could retest decrease ranges first.

“However there’s a near-term draw back danger that Bitcoin may retest the breakout zone [around $58,000] after which cool down earlier than a breakout truly happens, retesting the RSI (relative power index) resistance as new assist round that fifty degree earlier than reaching overbought ranges. A majority of these strikes are at all times potential and shouldn’t be ignored. However in the long term, such a transfer truly means nothing.”

The analyst additionally says that Bitcoin is exhibiting sturdy market fundamentals on the month-to-month timeframe.

“We’re in a macro uptrend… in case you have a look at the month-to-month line chart… we’re constructing assist on the earlier resistance of 2021. So the massive image, it seems to be actually good. If you happen to have a look at the month-to-month candles you’ll be able to see that we’re closing our month-to-month candles, the market is settling on the earlier peak of the final cycle, the place we settled within the final cycle.

Bitcoin is buying and selling at $65,019 on the time of writing, up 2.8% up to now 24 hours.

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