Analyst Kevin Svenson is bullish on Bitcoin (BTC) as the leading cryptocurrency remains below $70,000.
In a new video, Svensson told his 80,100 YouTube subscribers that Bitcoin is about to reach an all-time high.
According to the analyst, a combination of factors could cause Bitcoin to reach new highs “until the end of the year, possibly within a month.”
“…heading into the election, we’re almost always going to be bullish about the U.S. presidential election….
…Every time we have a new all-time high (for Bitcoin), it’s either after the US or during the US election and inauguration season. every time. And here we are, 12%, 13%, 12% from our all-time high, and we’re about to have an election. It will probably reach an all-time high…
Source: Kevin Svenson/X
Svensson says that based on price action, Bitcoin also shows a possible trend change from bearish to bullish.
“If October stays above the current level ($66,000), it will be the first month and the first time the monthly close has been above this. It’s a sign that this flat, boring market that’s been going on may be coming to an end – in a good way, and in a bullish way.
So despite this kind of gradual price movement that we’re seeing right now, I’m expecting continued upside. ”
Source: Kevin Svenson/X
At the time of writing, Bitcoin is trading at $67,745, about 8% below its all-time high of about $73,800, set in March.
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