Analyst and trader Kevin Svenson says Bitcoin (BTC) could print fresh all-time highs (ATHs) before the end of 2024.
In a new strategy session, Svenson tells his 79,700 YouTube subscribers that Bitcoin remains in a macro uptrend and could soon soar past its current ATH level of about $74,000.
“I’m very bullish on this market, bullish on Bitcoin. I think we’re going to hit new all-time highs this year before the end of the year most likely going into Q4.”
However, he warns that Bitcoin may first retest lower levels.
“But there is some downside risk in the short term, which would be Bitcoin retesting the breakout zone [around $58,000] and then settling up before actually getting a breakout, retesting the RSI (relative strength index) resistance as new support around that 50 level before getting to overbought levels. Those types of moves are always possible and shouldn’t be discounted. But in the long term that type of a move is really nothing.”
Source: Kevin Svenson/YouTube
The analyst also that Bitcoin is showing strong market fundamentals on the monthly timeframe.
“We’re in a macro uptrend… if you take a look at the monthly line chart… we’re building support on the previous 2021 resistance. So big picture, things are looking really good. Looking at the monthly candles, you can see that we are closing our monthly candles, the market is settling up at the previous peak of the last cycle, where we settled up in the last cycle.”
Source: Kevin Svenson/YouTube
Source: Kevin Svenson/YouTube
Bitcoin is trading for $65,019 at time of writing, up 2.8% in the last 24 hours.
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