Bitcoin To Hit New All-Time High Before the End of the Year, Says Analyst Kevin Svenson – Here’s His Outlook

Analyst Kevin Svenson is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers below $70,000.

In a new video, Svenson tells his 80,100 YouTube subscribers that Bitcoin is on the cusp of reaching a new all-time high.

According to the analyst, several factors could combine to trigger a new Bitcoin record high “before the end of the year, maybe within a month.”

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

…every time we break the [Bitcoin] all-time high, it’s after a US or during a US election and inauguration season. Every time. And here we are 12%, 13%, 12% away from the all-time high, elections coming up very soon. Probably going to hit a new all-time high…”

Svenson says that based on price action, Bitcoin is also signaling a potential change in the trend from bearish to bullish.

“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. And that does signal a change in the trend, that this sideways boring market that we’ve had this year may be coming to an end. In a good way, in a bullish way.

So I’m looking for continuation up regardless of this sort of slow price action that we’re seeing right now.”

Bitcoin is trading at $67,745 at time of writing, about 8% below the all-time high of around $73,800 reached in March.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price ActionFollow us on X, Facebook and TelegramSurf The Daily Hodl Mix

 Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Bitcoin To Hit New All-Time High Before the End of the Year, Says Analyst Kevin Svenson – Here’s His Outlook appeared first on The Daily Hodl.