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