Bitcoin’s (CRYPTO: BTC) price trajectory has been a topic of keen interest, and now, after King Crypto’s sideways movement over the past few weeks, an analyst believes that it is headed for a new all-time high.
What Happened: Analyst Kevin Svenson forecasts a potential surge to new all-time highs. He suggests that the apex crypto is poised for a significant breakout, drawing on historical patterns to support his prediction.
Svenson thinks that Bitcoin could soon enter a highly explosive phase of its market cycle.
He highlights that after Bitcoin’s first halving in 2012, it took around 41 months to surpass the previous all-time high. Similarly, following the second halving in 2016, it took about 36 months.
Bitcoin is currently 35 months past its last all-time high, indicating a potential breakout.
“We are right on track, right on schedule. There is nothing wrong with the cycle timing. The only thing that was wrong this cycle is people’s expectation that once Bitcoin touched a new all-time high, that it had to begin trending above the all-time high,” he said.
Svenson suggests Bitcoin could begin trading above its current all-time high of $74,000 as early as next month, based on these historical trends.
“There were past cycles like in 2016 where we touched the all-time high, but it took another month or two to begin trending above the all-time high. So we’re really on track.”
Why It Matters: Bitcoin’s price has been relatively subdued, trading at $67,900, a modest 1.2% gain, despite reaching near $69,000 earlier in the week. The leading cryptocurrency currently sits 8% below its all-time high of $73,737.
Earlier, Bitcoin experienced a brief surge to an intraday high of $68,693 before dipping below $68,000 on profit-taking.
Moreover, optimism surrounds Bitcoin’s future, with Matt Hougan, Chief Investment Officer of Bitwise, projecting a six-figure price by 2025. He cited factors such as the recent halving event in April, which reduced miners’ rewards by half, significantly influencing Bitcoin’s market dynamics.
Price Action: At the time of writing, Bitcoin was trading at $67,063, rising marginally by 0.30% in the last 24 hours, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Pixabay
