Analyst Predicts Bitcoin Will Soar to New Heights Before Year-End – Here's Why!

Analyst Kevin Svenson's Bullish Outlook on Bitcoin

Analyst Kevin Svenson is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers below $70,000. In a recent video, Svenson shared with his 80,100 YouTube subscribers that Bitcoin is on the verge of reaching a new all-time high.

According to Svenson, multiple factors could converge to trigger a new Bitcoin record high “before the end of the year, maybe within a month.” He noted:

“…going into the elections, we’re almost always bullish going into US presidential elections…”

Svenson pointed out that every time Bitcoin breaks its all-time high, it has coincided with a US election or inauguration season. With Bitcoin currently 12% to 13% away from its all-time high of around $73,800, he anticipates a surge as elections approach.

Price Action Signals a Trend Change

Svenson emphasizes that Bitcoin's current price action suggests a potential shift from bearish to bullish trends:

“This will be the first month if October stays up where it is now [$66,000] or higher… this will be the first time that we’re getting higher high monthly closes. This signals a change in the trend, that this sideways boring market may be coming to an end.”

Currently, Bitcoin is trading at $67,745, about 8% below its all-time high. Svenson remains optimistic for continuation upwards, notwithstanding the slow price action observed recently.

Key Takeaways

• Kevin Svenson is bullish on Bitcoin, predicting a new all-time high.
• Historical patterns suggest Bitcoin often peaks during US elections.
• Current price action indicates a potential trend change from bearish to bullish.
• Bitcoin is currently trading at $67,745, nearing its previous high.

Source: Kevin Svenson/X