Kevin Svenson, a crypto analyst on YouTube, recently provided an analysis of the future trajectory of bitcoin's price, predicting a sharp rise to $100,000 this year. According to the analyst, btc is about to go parabolic after its April halving as the crypto looks very bullish on the weekly chart.
halving halves the block reward for bitcoin miners, reducing the supply of new Bitcoins in circulation. As demand remains stable or increases, reduced supply has historically been known to drive up the price of btc.
Parabolic bitcoin Surge Not Far Away
bitcoin is currently leading a surge in the cryptocurrency market after four weeks of lackluster action following the launch of bitcoin spot ETFs in the US bitcoin bitcoin-price-breaks-47000-3-key-reasons/” rel=”nofollow”>recently surpassed $47,000 for the first time this year, driving the narrative of crypto-futures-124-million-beating-bitcoin-46500/” rel=”nofollow”>return of strong crypto market bull run.
Svenson pointed out in his Youtube video that bitcoin is yet to close above $44,000 in the weekly period this year. However, recent price action indicates that this is about to change, generating the highest weekly close yet in the current cycle. The analyst noted that if bitcoin were to successfully clear the liquidity trapped around the wicks, it could lead the cryptocurrency to reach the first step of the $60,000 price level.
On a broader timeline, Svenson analyzed past bitcoin halvings to notice a recurring trend before and after each halving. History shows that the btc price has always trended upward in the months leading up to the halving and then followed a parabolic trend in the months after.
Of course, past performance doesn't necessarily guarantee future price action, but Svenson believes several factors are lining up that could see bitcoin surpass its all-time high once again.
“There's no reason for me not to think that we're just going to do what we've been doing these past cycles,” he said.
Now looking forwardThe analyst noted that Satoshi set the previous halvings to correlate with election years in the US, which has always led to an increase in financial markets.
Furthermore, Svenson mentioned that the bitcoin-etf-these-9-new-participants-accumulated/” rel=”nofollow”>bitcoin profitability It has always risen up to 80 weeks after each halving, marking the beginning of a new bear market. If history repeats itself, a time frame of 80 weeks after the next halving should be around October 2025, which is when a new bear market cycle is expected to begin.
bitcoin-open-interest-hits-highest-level-since-2022/” rel=”nofollow”>Institutional interest in bitcoin is rising, contributing to a 9.57% increase over the past seven days. bitcoin is trading at $47,211 at the time of writing.
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<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Crypto-Analyst-Says-Bitcoin-at-100000-Isn39t-Far-Away-Here39s" alt="bitcoin Price Chart by Tradingview.com (Cryptocurrency Analyst)” width=”3286″ height=”1530″ loading=”lazy”/>
btc price recovers after brief dip | Source: BTCUSD on Tradingview.com
Featured image of Dall.E, chart from Tradingview.com
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