Bitcoin has been stuck in a sideways trading pattern for months, but one analyst believes the crypto king is about to break out. Kevin Svenson, a popular YouTube analyst, thinks Bitcoin is poised for a major surge and could even hit a new all-time high as soon as next month.
History Repeats Itself?
Svenson points to historical trends as his reasoning. He notes that after the first two Bitcoin halvings in 2012 and 2016, it took around 36-41 months for the price to break above the previous all-time high. Since the last halving in 2020, we’re now 35 months in.
Svenson says, “We’re right on track, right on schedule. There’s nothing wrong with the cycle timing. People just expected Bitcoin to immediately shoot up after hitting a new all-time high, but that’s not always the case.”
Bitcoin Ready to Breakout?
Svenson’s prediction is based on the idea that Bitcoin is following a similar pattern to previous cycles. If he’s right, Bitcoin could be ready to explode above its current all-time high of $74,000.
Of course, this is just one analyst’s opinion. The cryptocurrency market is notoriously volatile, and past performance is not necessarily indicative of future results.
Before investing in Bitcoin or any other cryptocurrency, it’s crucial to do your own research and understand the risks involved.
