Cryptocurrency analyst and trader Kevin Svenson believes Bitcoin (BTC) could go parabolic soon after a key event that’s just two months away.
In a new strategy session, Svenson tells his 71,700 YouTube subscribers that Bitcoin is likely to soar to a new all-time high after the halving event in April based on prior cycles.
Halving events, when miners’ rewards are cut in half, occur every four years.
Says Svenson,
“So this election year, probably going to see the stock market moving up and that means that Bitcoin is likely going to hit that parabolic curvature somewhere after the halving. And then leading into the second half of 2025, that’s where we need to be getting out of the market.”
Looking at his chart, the trader suggests Bitcoin may cross the $100,000 level this cycle as soon as December.
The analyst predicts Bitcoin will peak in the current market cycle around October 2025, based on historical price action.
“What we can see is that after every halving, so far every single halving 80 weeks later is the area where the profitability ends, where you want to be out of the market. 2016 halving, 80 weeks after that halving the profit zone ends, bear market comes in. 2020 halving, 80 weeks later it’s the top, you want to get out of the market…
And so now halving in April 80 weeks later brings us to October of 2025. And that’s where we can be making sure that we’re exiting the market fully because a bear market is likely to come.”
Link: https://dailyhodl.com/2024/02/08/here-is-when-bitcoin-is-likely-to-go-parabolic-according-to-crypto-analyst-kevin-svenson/
Source: https://dailyhodl.com
