Bitcoin’s BTC/USD price trend has received a lot of attention, and after King Crypto’s sideways movement over the past few weeks, some analysts believe that Bitcoin is heading towards new all-time highs. There is.
What Happened: Analyst Kevin Svenson predicts the stock could hit a new all-time high. He uses historical patterns to support his prediction to suggest that the apex cryptocurrency is poised for a major breakout.
Svensson believes Bitcoin could soon enter a very explosive phase of the market cycle.
He highlighted that after Bitcoin’s first halving in 2012, it took about 41 months for it to surpass its previous all-time high. Similarly, after the second halving in 2016, it took approximately 36 months.
Bitcoin is currently 35 months removed from its previous all-time high, indicating a potential breakout.
“We are on track and on schedule. There is nothing wrong with the timing of the cycle. The only thing that went wrong with this cycle is that once Bitcoin hits an all-time high, Bitcoin will “People’s expectations are that we have to start moving above the all-time high,” he said.
Based on these historical trends, Svensson suggests that Bitcoin could start trading above its current high of $74,000 as early as next month.
“We’ve had cycles in the past where we hit all-time highs, like in 2016, but it took another month or two for us to start trending above all-time highs. So we’re really on track. Noda.”
Why it matters: Bitcoin’s price has remained relatively calm, trading at $67,900, up a modest 1.2%, after reaching nearly $69,000 earlier in the week. The leading cryptocurrency is currently 8% below its all-time high of $73,737.
Earlier, Bitcoin briefly rose to an intraday high of $68,693, but took profits and fell below $68,000.
Additionally, Bitwise Chief Investment Officer Matt Hogan predicts the price will reach six digits by 2025, adding to the optimism surrounding Bitcoin’s future. He cited factors such as the recent halving event in April, which cut miners’ rewards in half and had a major impact on the Bitcoin market. dynamics.
Price Trend: At the time of writing, Bitcoin was trading at $67,063, up slightly by 0.30% in the past 24 hours, according to data from Benzinga Pro.
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