Bitcoin is likely to achieve new all-time highs before the end of the year, according to analyst Kevin Svenson. Speaking to his 79,700 YouTube subscribers, Svenson emphasized that Bitcoin is still in a macro uptrend and could soon surpass its current ATH of approximately $74,000.
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Bitcoin’s Bullish Projection for 2024
Svenson is optimistic about Bitcoin’s market performance in 2024. He stated, “I’m very bullish on this market, bullish on Bitcoin. I think we’re going to hit new all-time highs this year before the end of the year most likely going into Q4.”
Short-Term Risks to Watch Out For
However, Svenson also cautioned that Bitcoin might experience a short-term price drop. “But there is some downside risk in the short term, which would be Bitcoin retesting the breakout zone [around $58,000] and then settling up before actually getting a breakout, retesting the RSI (relative strength index) resistance as new support around that 50 level before getting to overbought levels. Those types of moves are always possible and shouldn’t be discounted. But in the long term that type of a move is really nothing.”
Bitcoin’s Strong Market Fundamentals
Svenson highlighted Bitcoin’s robust market fundamentals on the monthly chart. “We’re in a macro uptrend… if you take a look at the monthly line chart… we’re building support on the previous 2021 resistance. So big picture, things are looking really good. Looking at the monthly candles, you can see that we are closing our monthly candles, the market is settling up at the previous peak of the last cycle, where we settled up in the last cycle.”
At the time of writing, Bitcoin is priced at $65,019, showing a 2.8% increase in the last 24 hours, reinforcing Svenson’s bullish sentiment.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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