YouTube cryptocurrency analyst Kevin Svensson recently provided an analysis of Bitcoin's future price path, predicting a strong rise to $100,000 this year. According to the analyst, Bitcoin is expected to go parabolic after its halving in April, as the cryptocurrency looks very bullish on the weekly chart.
Half Cutting the block reward for Bitcoin miners in half, reducing the supply of new Bitcoins in circulation. As demand remains constant or increases, a decrease in supply has historically been known to cause the price of Bitcoin to rise.
Bitcoin's parabolic rise is not far away
Bitcoin is currently leading a boom in the cryptocurrency market after four weeks of lackluster action following the launch of Bitcoin ETFs in the US. Bitcoin It recently broke above $47,000 For the first time this year, pushing the narrative forward The return of strong encryption Bull race in the market.
Svensson noted in his book Youtube Video that Bitcoin has yet to close above $44,000 on the weekly time frame this year. However, recent price action suggests that this is about to change, providing the highest weekly close yet in the current session. The analyst noted that if Bitcoin succeeds in removing the liquidity trapped around the wicks, this could lead to the cryptocurrency reaching the first step from the $60,000 price level.
On a larger timeline, Svensson looked at previous Bitcoin halvings to observe a recurring trend before and after each halving. History shows that the BTC price has always trended upward in the months leading up to the halving and then goes in a parabolic direction in the following months.
Of course, past performance does not necessarily guarantee future price action, but Svensson believes there are several factors lining up that could see Bitcoin rise to its all-time high again.
He said: “There is no reason for me not to believe that we will do what we did in the past sessions.”
Now, look forwardThe analyst noted that previous halvings were created by Satoshi to correlate with election years in the United States, which always lead to a big rally in the financial markets.
In addition, Svensson stated that Bitcoin profitability It always increases up to 80 weeks after each halving, which marks the beginning of a new bear market. If history repeats itself, the 80-week timeline after the next halving should be around October 2025, which is when a new bear market cycle is expected to begin.
Institutional interest in Bitcoin It is rising, contributing to a 9.57% rise in the past seven days. Bitcoin is trading at $47,211 at the time of writing.
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BTC price recovers after brief dip | Source: BTCUSD on Tradingview.com
Featured image from Dall.E, chart from Tradingview.com
