Cryptocurrency analyst Kevin Svenson believes Bitcoin (BTC) and altcoins will see major upside bursts for the rest of the year.
In a new video, Svenson tells Its 79,800 YouTube subscribers know that Bitcoin and altcoins are poised for more gains in the coming weeks and months.
According to Svenson, the market cap of altcoins appears to be repeating a pattern seen in the previous cycle, when it took 157 weeks for a massive breakout rally to occur.
“The market capitalization of altcoins has been consolidating throughout the year. In early 2024, the altcoins had a huge run in March, gave up all their gains and are now starting to recover. Altcoin market cap is starting to break above resistance…
In about ten weeks we will break the lower high [total altcoin market cap of $820 billion]meaning many altcoins will see massive growth from now until November. So the fourth quarter looks solid for the altcoins and also for Bitcoin.”
The altcoin market cap (TOTAL3) is trading at $641 billion at the time of writing.
Looking at Bitcoin, Svenson believes BTC is on the verge of hitting a new all-time high after the S&P 500 index hit an all-time high earlier this week.
“S&P all-time highs always precede Bitcoin all-time highs. There has never been a new Bitcoin record high without the S&P doing it first. So it’s looking good guys, I mean everything seems to be lining up…
As I keep saying, we are much closer to the all-time high than most people think. From current prices to the wick high of the all-time high [at around $73,800]that is less than 14% removed.”
Bitcoin is trading at $65,590 at the time of writing.
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