Analyst Predicts Bitcoin Surge to $100,000 This Year
Crypto analyst Kevin Svenson has provided an analysis of Bitcoin’s future price trajectory, predicting a strong surge to $100,000 this year. Svenson believes that BTC is poised to go parabolic after its halving in April as the crypto appears very bullish on the weekly chart.
The Impact of Bitcoin Halving
The halving event cuts the block reward for Bitcoin miners in half, reducing the supply of new Bitcoins in circulation. Historically, this reduced supply has driven up the price of BTC due to steady or increasing demand.
Bitcoin Leads Crypto Market Surge
Bitcoin is currently leading a market surge in the crypto industry after several weeks of lackluster action. The recent breakthrough above $47,000 for the first time this year indicates a strong crypto market bull run.
Predicting Bitcoin’s Price Levels
Svenson highlights that Bitcoin has yet to close above $44,000 on the weekly timeframe this year. However, recent price action suggests that this is about to change, potentially pushing BTC towards the $60,000 price level.
Historical Trends and Factors
Examining past Bitcoin halvings, Svenson notes a recurring trend where BTC’s price trends up before and after each halving event. While past performance does not guarantee future results, several factors are aligning that could send Bitcoin surging past its all-time high once again.
Institutional Interest and Current Trading Price
Institutional interest in Bitcoin is surging, contributing to a 9.57% increase in the past seven days. At the time of writing, Bitcoin is trading at $47,211.
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