Analyst Kevin Svenson is leaning bullish on Bitcoin (BTC) because the flagship crypto asset hovers beneath $70,000.
In a brand new video, Svenson tells his 80,100 YouTube subscribers that Bitcoin is on the cusp of reaching a brand new all-time excessive.
In line with the analyst, a number of components might mix to set off a brand new Bitcoin report excessive “earlier than the tip of the yr, possibly inside a month.”
“…going into the elections, we’re nearly at all times bullish going into US presidential elections….
…each time we break the [Bitcoin] all-time excessive, it’s after a US or throughout a US election and inauguration season. Each time. And right here we’re 12%, 13%, 12% away from the all-time excessive, elections developing very quickly. Most likely going to hit a brand new all-time excessive…”
Svenson says that primarily based on worth motion, Bitcoin can be signaling a possible change within the pattern from bearish to bullish.
“This would be the first month if October stays up the place it’s now [$66,000] or greater… this would be the first time that we’re getting greater excessive month-to-month closes. And that does sign a change within the pattern, that this sideways boring market that we’ve had this yr could also be coming to an finish. In a great way, in a bullish manner.
So I’m on the lookout for continuation up no matter this type of gradual worth motion that we’re seeing proper now.”
Bitcoin is buying and selling at $67,745 at time of writing, about 8% beneath the all-time excessive of round $73,800 reached in March.
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