Analyst Kevin Svenson is bullish on Bitcoin (BTC) as the leading cryptocurrency remains below $70,000.
In a new video, Svensson told his 80,100 YouTube subscribers that Bitcoin is about to reach an all-time high.
According to the analyst, a combination of factors could cause Bitcoin to reach new highs “until the end of the year, possibly within a month.”
“…heading into the election, we’re almost always going to be bullish about the U.S. presidential election….
…Every time I break it [Bitcoin] The highest amount ever was after the US or during the US election and inauguration season. every time. And here we are, 12%, 13%, 12% from our all-time high, and we're about to have an election. It will probably reach an all-time high…
Svensson says that based on price action, Bitcoin also shows a possible trend change from bearish to bullish.
“If October stays the way it is, this will be the first month of the year.” [$66,000] This is the first time we have achieved a higher monthly closing rate than this. And it certainly signals a change in trends, indicating that this flat, boring market that's been going on this year may be coming to an end. In a good way, in a bullish way.
So despite this kind of gradual price movement that we're seeing right now, I'm expecting continued upside. ”
At the time of writing, Bitcoin is trading at $67,745, about 8% below its all-time high of about $73,800, set in March.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me ×Facebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey
