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 accordance with the analyst, a number of components might mix to set off a brand new Bitcoin report excessive “earlier than the tip of the 12 months, perhaps 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 arising very quickly. Most likely going to hit a brand new all-time excessive…”
Svenson says that based mostly on worth motion, Bitcoin can also 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 12 months could also be coming to an finish. In a great way, in a bullish means.
So I’m searching 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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Disclaimer: Opinions expressed at The Day by day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any losses it’s possible you’ll incur are your duty. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please be aware that The Day by day Hodl participates in online marketing.
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