Kevin Svenson, an analyst at Svenson Research Group, is bullish about Bitcoin (BTC), as it hovers just below $70,00.
Svenson, a YouTube subscriber with 80.100 subscribers, says in a video that Bitcoin could be on its way to a record-breaking high.
The analyst believes that several factors may combine to create a record Bitcoin high before the end of this year or even within the next month.
“…going to the election, we are almost always bullish heading into US Presidential elections ….
Every time [Bitcoin] reaches its all-time peak, we do so after an election or inauguration in the US. Each time. We are now 12%, 13% and 12% from our all-time record. Elections will be held very soon. Most likely going to reach a new high …”
Svenson believes that Bitcoin’s price is also indicating a possible change of trend, from bearish towards bullish.
This will be the month that October closes at a higher level than it currently is [$66,000]. It will be our first higher monthly closing. This does indicate a shift in trend. The sideways, boring market we have had all year could be ending. It’s a positive, bullish feeling.
“I’m expecting a continuation of the uptrend despite this slow market action we are seeing at present.”
Bitcoin’s price is currently $67,745 (around 8% lower than the high reached in March).
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The post Bitcoin to Hit New All-Time High before the End of the year, Says Kevin Svenson: Here’s his Outlook might be updated as new information becomes available.
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