Kevin Svenson, a cryptocurrency analyst on YouTube, recently provided an analysis of Bitcoin’s future price trajectory, predicting a surge to $100,000 this year. According to analysts, BTC is ready to go parabolic after the April halving as the cryptocurrency is showing very strong performance on the weekly charts.
half life Halving block rewards for Bitcoin miners reduces the supply of new Bitcoin in circulation. A decrease in supply has historically been known to push the price of BTC higher as demand remains steady or increases.
A parabolic surge in Bitcoin is not far away.
Bitcoin is currently leading the cryptocurrency market surge after four weeks of lackluster action following the launch of the spot Bitcoin ETF in the United States. Bitcoin It recently surpassed $47,000. This year we pushed the story for the first time. The return of powerful cryptocurrencies Market bull market.
Svenson noted in his article: youtube The video shows that Bitcoin has not yet closed above $44,000 on a weekly basis this year. However, recent price action indicates that this may soon change, giving us the highest weekly close so far in the current cycle. The analyst pointed out that if Bitcoin successfully clears the liquidity trapped around its wick, the cryptocurrency’s price could reach the first stage of the $60,000 level.
On a larger timeline, Svenson looked at past Bitcoin halvings to see trends that recur before and after each halving. History shows that the BTC price has always trended upward in the months leading up to a halving, followed by a parabolic trend in the months that followed.
Of course, past performance is not necessarily a guarantee of future price action, but Svenson believes several factors are lined up to allow Bitcoin to surpass all-time highs once again.
“There is no reason not to think we will do what we have done in past cycles,” he said.
Now look forward to itThe analyst pointed out that past halvings were set by Satoshi to be tied to US election years, which always caused financial markets to surge.
Additionally, Svenson noted: Bitcoin’s Profitability It always increases until the 80th week after each halving, signifying the start of a new bear market. If history repeats itself, the 80-week timeline after the upcoming halving should be around October 2025, when a new bear market cycle is expected to begin.
Institutional interest in Bitcoin It is surging and has contributed to a surge of 9.57% in the last 7 days. At the time of this writing, Bitcoin is trading at $47,211.
✌️ Jump right in: #Bitcoin The ETF is the most successful ETF in just one month since launch! 🚀
(Out of a total of 5,535 releases over 30 years)
They occupy the 1st ($IBIT), 2nd ($FBTC), 20th ($ARKB), and 22nd ($BITB) positions.
And there are still 2 days left. pic.twitter.com/NAVoyraPHT
— Swan Media (@Swan) February 9, 2024
BTC price recovers after brief dip | Source: BTCUSD on Tradingview.com
Featured image from Dall.E, chart from Tradingview.com
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