Surge to $100,000 This Year
Kevin Svenson, a crypto analyst on YouTube, predicts a significant surge in Bitcoin’s price, reaching $100,000 this year. He believes that Bitcoin is poised for a parabolic increase after the halving in April, as the crypto is showing bullish signs on the weekly chart. The halving event, which cuts the block reward for Bitcoin miners in half, reduces the supply of new Bitcoins in circulation. Historically, this reduced supply, coupled with steady or increasing demand, has driven up the price of BTC.
Bitcoin’s Recent Market Performance
Bitcoin is currently leading a crypto market surge after a period of lackluster action following the launch of spot Bitcoin ETFs in the US. The recent break above $47,000 marks the first time this year that Bitcoin has reached this level, reinforcing the narrative of a strong crypto market bull run. Svenson highlights that Bitcoin is yet to close above $44,000 on the weekly timeframe this year, but recent price action suggests that this is about to change, potentially leading to the first step of the $60,000 price level.
Historical Trends and Recurring Patterns
Svenson examines past Bitcoin halvings to identify recurring trends. He notes that the price of BTC has consistently trended up in the months leading to the halving and then embarked on a parabolic trend in the subsequent months. While past performance does not guarantee future price action, Svenson believes that several factors are aligning to push Bitcoin beyond its all-time high once again.
Correlation with Election Years and Institutional Interest
Svenson observes that past halvings were set up by Satoshi to correlate with election years in the US, which have historically led to a spike in the financial markets. Additionally, he mentions that the profitability of Bitcoin has consistently increased until 80 weeks following each halving, marking the start of a new bear market. If history repeats itself, the 80-week timeline after the upcoming halving would be around October 2025, indicating the potential beginning of a new bear market cycle. Institutional interest in Bitcoin is also surging, contributing to a 9.57% surge in the past seven days.
Svenson’s analysis suggests that Bitcoin is poised for a significant surge, potentially reaching $100,000 this year. He emphasizes the importance of considering historical trends, recurring patterns, and current market conditions when making predictions about Bitcoin’s price trajectory. The halving event, correlation with election years, and institutional interest are key factors that could contribute to Bitcoin’s upward movement.