Analyst Kevin Svenson believes Bitcoin (BTC) is still on track to hit new all-time highs despite months of price volatility.
In a new video, Svensson told his 80,100 YouTube subscribers that based on historical precedent, Bitcoin may be on the verge of entering the most explosive phase of the market cycle.
“Bitcoin sits in a very familiar position…
After the first halving in 2012 and reaching an all-time high, it took about 41 months for Bitcoin to start trending above its all-time high. After rising to all-time highs from the second halving in 2016, it took about 36 months for Bitcoin to start trending above all-time highs. 41 months and 36 months. Bitcoin is currently 35 months old. ”
He said based on historical precedent, Bitcoin could start trading above its current high of $74,000 as early as next month.
“We are on track and on schedule. The timing of the cycle is fine. The only thing that went wrong with this cycle is that once Bitcoin hits an all-time high, it will start to move beyond it. There have also been cycles in the past where prices reached all-time highs, but it took another month or two for the trend to break above all-time highs. , we’re really on track.”
At the time of writing, Bitcoin was trading at $66,841, down 2.13% in the past 24 hours.
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