Kevin Svenson, a crypto analyst on YouTube, recently provided an analysis of Bitcoin’s future price trajectory and predicted a surge to $100,000 this year. According to the analyst, BTC is ready to go parabolic after the April halving as the crypto looks very bullish on the weekly chart.
The 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.
Bitcoin parabolic rise not far away
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, telling the story of the return of strong crypto bull run on the market.
Svenson noted in his YouTube video that Bitcoin will not close above $44,000 on the weekly time frame yet this year. However, recent price action indicates that this is about to change, delivering the highest weekly close yet in the current cycle. The analyst noted that if Bitcoin were to successfully clear the 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 previous Bitcoin halvings to identify a recurring trend before and after each halving. History shows that the price of BTC has always trended upward in the months leading up to the halving, and then trended parabolic in the months following.
Of course, past performance doesn’t necessarily guarantee future price action, but Svenson believes several factors are lining up that could cause Bitcoin to soar past its all-time high once again.
“There’s no reason for me not to think we’re just going to do what we’ve been doing for the last few cycles,” he said.
Now, I’m looking forward to itThe analyst noted that Satoshi has set up previous halvings to correlate with election years in the US, which have always led to a spike in financial markets.
Additionally, Svenson mentioned that the profitability of Bitcoin has always increased to 80 weeks after each halving, marking the beginning of a new bear market. If history repeats itself, an 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 is rising, contributing to a 9.57% increase over the past seven days. Bitcoin is trading at $47,211 at the time of writing.
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They are #1 ($IBIT), #2 ($FBTC), #20 ($ARKB) and #22 ($BITB).
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 of Dall.E, chart from Tradingview.com
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