Crypto Analyst Says Bitcoin At $100,000 Not Far Off, Here’s When
11 Février 2024 - 12:00AM
NEWSBTC
Kevin Svenson, a crypto analyst on YouTube, recently provided an
analysis of the future price trajectory of Bitcoin, predicting a
strong surge to $100,000 this year. According to the analyst, BTC
is poised to go parabolic after its halving in April as the crypto
is looking very bullish on the weekly chart. The halving cuts the
block reward for Bitcoin miners in half, reducing the supply of new
Bitcoins in circulation. With demand remaining steady or
increasing, the reduced supply has been historically known to drive
up the price of BTC. Bitcoin Parabolic Surge Not Far Off Bitcoin is
currently leading a crypto market surge after four weeks of
lackluster action following the launch of spot Bitcoin ETFs in the
US. Bitcoin recently broke above $47,000 for the first time this
year, pushing the narrative of the return of a strong crypto market
bull run. Related Reading: Why Cardano (ADA) Is A Top Altcoin Pick
In The Next Bull Run Svenson noted in his YouTube video that
Bitcoin is yet to close above $44,000 on the weekly timeframe this
year. However, recent price action indicates this is about to
change, giving the highest weekly close so far in the current
cycle. The analyst noted that if Bitcoin were to successfully clear
trapped liquidity around the wicks, it could lead to the crypto
reaching the first step of the $60,000 price level. On a larger
timeline, Svenson looked at past Bitcoin halvings to note a
recurring trend before and after each halving. History shows that
the price of BTC has always trended up in the months leading to the
halving and then going on a parabolic trend in the months
after. Of course, past performance does not necessarily
guarantee future price action, but Svenson believes several factors
are lining up that could send Bitcoin surging past its all-time
high once again. “There’s no reason for me to not think that we’re
just going to do what we’ve been doing in these past cycles,” he
said. Now, looking forward, the analyst noted past halvings were
set up by Satoshi to correlate with election years in the US, which
have always led to a spike in the financial markets. In
addition, Svenson mentioned that the profitability of Bitcoin has
always increased until 80 weeks following each halving, which marks
the beginning of a new bear market. If history repeats itself, an
80-week timeline after the upcoming halving should be around
October 2025, which is when a new bear market cycle is expected to
begin. Related Reading: Crypto CEO Says Get Ready For Solana To
‘Rally Higher Again’ With New Target Institutional interest in
Bitcoin is surging, contributing to a 9.57% surge in the past seven
days. Bitcoin is trading at $47,211 at the time of writing.
‼️JUST IN: #Bitcoin ETFs are the most successful ETFs 1 month after
launch EVER! 🚀 (out of 5,535 total launches in 30 years) They hold
the #1 ($IBIT), #2 ($FBTC), #20 ($ARKB), and #22 ($BITB) spots. And
there is 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
Cardano (COIN:ADAUSD)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Cardano (COIN:ADAUSD)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024