Kevin Svenson, a cryptocurrency analyst and trader, says that there are two factors which could lead to a bullish outcome for Bitcoin (BTC).
Svenson told his 79.100 YouTube subscribers the world’s stock markets and money supply “support the idea of Bitcoin recovering, possibly reaching new highs”.
The S&P 500 has exceeded all expectations. Just a few weeks ago, the S&P was less than 1% away from its all-time peak. The perfect return to highs.
There’s also been talk about global liquidity, money supply and the like.
We can now see that the global liquidity has started to increase, and we are seeing lower highs. We’re on the verge of a breakout. The money-printers are back, and rates will likely be cut soon .”
Svenson claims that Bitcoin’s price is comparable to the previous year at this point of the cycle based on a monthly timeframe.
Bitcoin is on the right track at this moment. Bitcoin’s monthly performance is the same as any other. After the [2016] half-discount, a few more months pass and we reach new highs.
We will be at new highs a few weeks after 2020.
Bitcoin in 2024, the halving… We haven’t yet broken or trended to new all-time lows – although we did touch them and we didn’t even trend over them. This means that we are actually on time with our previous cycles. We’ll likely break out to new highs a few weeks after the halving.
Bitcoin is doing well despite its volatility. We’re doing good.”
Bitcoin currently trades at $60.943 at the time this article was written.
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The post Two catalysts could trigger Bitcoin explosion to new all-time high, according to analyst Kevin Svenson can be updated as more information becomes available.
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