Analyst Kevin Svenson believes Bitcoin (BTC) remains on track to print new all-time highs despite a months-long consolidation phase.
In a new video, Svenson tells his 80,100 YouTube subscribers that Bitcoin may be on the verge of entering the most explosive phase of the market cycle based on historical precedence.
“Bitcoin is sitting in a position that is very familiar…
After the first halving in 2012 and reaching an all-time high, it took Bitcoin about 41 months to begin trending above the all-time high. After the second halving in 2016 to the all-time high from that all-time high it took Bitcoin about 36 months to begin trending above the all-time high. That’s 41 months and 36 months. Bitcoin is currently 35 months.”
He says that Bitcoin could start trading above the current all-time high of $74,000 as soon as next month based on the historical precedence.
“We are right on track, right on schedule. There is nothing wrong with the cycle timing. The only thing that was wrong this cycle is people’s expectation that once Bitcoin touched a new all-time high, that it had to begin trending above the all-time high. And there were past cycles like in 2016 where we touched the all-time high, but it took another month or two to begin trending above the all-time high. So we’re really on track.”
Bitcoin is trading for $66,841 at time of writing, down 2.13% in the last 24 hours.
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