Cryptocurrency analyst and trader Kevin Svensonhas provided hopeful analysis for investors by claiming that two major catalysts could potentially trigger a bull market for Bitcoin (BTC). The analyst expects the crypto king to make a big breakout soon.
Bitcoin Is Moving In Line With Past Cycles, Says Analyst
Svenson told his YouTube subscribers that the stock market and the global money supply BitcoinHe said that it gave positive signals for the future. The analyst said, S&P 500 He emphasized that the stock market index performed beyond expectations and said, “The S&P 500 exceeded all expectations. Remember, the world ended a few weeks ago… But now the S&P 500 is just one percent away from an all-time high. It has returned to the top with a magnificent recovery.” A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Moreover global money supplySvenson, who stated that the increase in money supply is also a positive development for Bitcoin. “Global liquidity is starting to increase, although we are seeing lower peaks, we are approaching a breaking point. The money printers are returning and interest rates are likely to fall soon,” he added.
Evaluating Bitcoin’s current price action on the monthly timeframe, Svenson noted that the current situation has parallels with the cycles of previous years. The analyst said, “Bitcoin is currently on a perfect course. What we see on the monthly chart is no different from previous cycles. Remember in 2016 block reward halving “It happened and we reached new peaks a few months later. The same scenario happened again after the halving in 2020. We are on a similar path after the block reward halving in 2024. We haven’t reached new peaks yet, we’ve just touched them, which actually shows that we are in perfect harmony with previous cycles.”
He also made a warning along with his positive comment
Despite the volatility, Svenson noted that Bitcoin is currently in a very good position and is on a good footing for new highs. crypto money At the time of writing, it is trading at $61,000.
While uncertainty about the future of Bitcoin continues, Svenson paints a hopeful picture for investors. Of course, considering the high volatility of the market, investors must be careful and shape their investment strategies accordingly.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
