Bitcoin (BTC) Analyst Predicts New All-Time High as Market Enters 'Explosive Phase'

Analyst Kevin Svenson forecasts a potential surge to new all-time highs. He suggests that the apex crypto is poised for a significant breakout

A cryptocurrency analyst is predicting that Bitcoin (CRYPTO: BTC) will reach a new all-time high as early as next month.

Analyst Notes: Analyst Kevin Svenson is anticipating a potential surge to new all-time highs.

Drawing on historical patterns, Svenson suggests that the apex crypto is poised for a significant breakout.

Specifically, Svenson anticipates 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.

"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 that 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."

Bitcoin Price Action: Priced at $67,900 at the time of writing, Bitcoin shows a modest 1.2% gain in the last 24 hours, having reached an intraday high of nearly $69,000 earlier in the week.

The leading cryptocurrency is currently trading 8% below its all-time high of $73,737.

Earlier on Thursday, Bitcoin experienced a brief surge to an intraday high of $68,693 before dipping below $68,000 on profit-taking.

Meanwhile, 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 in April, which saw a reduction in miners' rewards by half, as having a strong influence on Bitcoin's price dynamics in the coming years.

Latest crypto news and updates More Benzinga crypto news:This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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