Crypto analyst Kevin Svenson believes Bitcoin (BTC) and altcoins will see significant gains for the remainder of the year.
In a new video, Svenson told his 79,800 YouTube subscribers that Bitcoin and altcoins are poised for further gains in the coming weeks and months.
According to Svenson, altcoin market caps appear to be repeating a pattern seen in the last cycle, when it took 157 weeks to trigger a large breakout rally.
“Altcoin market caps have been consolidating throughout the year. In early 2024, altcoins had a huge rally through March, giving up all their gains and are now starting to recover. Altcoin market capitalization is starting to surpass the resistance line…
About 10 weeks from now we will break the low ($820 billion total altcoin market cap). This means that many altcoins will see massive growth between now and November. So Q4 is looking firmly at altcoins and Bitcoin for that matter.”
At the time of this writing, the altcoin market capitalization (TOTAL3) is trading at $641 billion.
Looking at Bitcoin, Svenson believes BTC is on the verge of hitting a new all-time high after the S&P 500 index hit an all-time high earlier this week.
“S&P all-time highs are always ahead of Bitcoin all-time highs. S&P has never pushed Bitcoin to an all-time high before. So it looks good, I mean everything seems to be going well…
As I keep saying, we are much closer to all-time highs than most people think. The gap from current prices to the all-time high (about $73,800) is less than 14%.”
At the time of this writing, Bitcoin is trading at $65,590.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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