Analyst Kevin Svenson is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers below $70,000.
In a new video, Svenson tells his 80,100 YouTube subscribers that Bitcoin is on the cusp of reaching a new all-time high.
According to the analyst, several factors could combine to trigger a new Bitcoin record high “before the end of the year, maybe within a month.”
“…going into the elections, we’re almost always bullish going into US presidential elections….
…every time we break the [Bitcoin] all-time high, it’s after a US or during a US election and inauguration season. Every time. And here we are 12%, 13%, 12% away from the all-time high, elections coming up very soon. Probably going to hit a new all-time high…”
Svenson says that based on price action, Bitcoin is also signaling a potential change in the trend from bearish to bullish.
“This will be the first month if October stays up where it is now [$66,000] or higher… this will be the first time that we’re getting higher high monthly closes. And that does signal a change in the trend, that this sideways boring market that we’ve had this year may be coming to an end. In a good way, in a bullish way.
So I’m looking for continuation up regardless of this sort of slow price action that we’re seeing right now.”
Bitcoin is trading at $67,745 at time of writing, about 8% below the all-time high of around $73,800 reached in March.
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