Kevin Svenson, a crypto analyst on YouTube, recently provided an analysis of Bitcoin's future price movement and predicted a strong rise to $100,000 this year. According to the analyst, BTC is on the verge of a parabolic move after the April halving as the cryptocurrency looks very bullish on the weekly chart.
The halving halves the block reward for Bitcoin miners, thereby reducing the supply of new Bitcoins in circulation. When demand remains the same or increases, reduced supply is known to drive up the price of BTC.
Bitcoin’s parabolic rise is not far away
Bitcoin is currently leading the crypto market rally after four weeks of lackluster action following the launch of spot Bitcoin ETFs in the US. Bitcoin recently crossed the $47,000 mark For the first time this year, the narrative of the is being pushed forward Return of a strong crypto Bull market in the market.
Svenson noted in his Youtube Video that Bitcoin is yet to close above $44,000 on the weekly time frame this year. However, recent price movements suggest that this will soon change, setting the highest weekly close so far in the current cycle. The analyst noted that if Bitcoin successfully clears the liquidity trapped around the wicks, it could lead the cryptocurrency to the first leg of the $60,000 price level.
On a larger timeline, Svenson looked at past Bitcoin halvings and found a recurring trend before and after each halving. History shows that the price of BTC always recorded an upward trend in the months leading up to the halving and a parabolic trend in the following months.
Of course, past performance is not necessarily a guarantee of future price movements, but Svenson believes that several factors are converging that could cause Bitcoin to rise above its all-time high again.
“For me there is no reason not to believe that we will just do what we have done in previous cycles,” he said.
Now I'm happyThe analyst noted that previous Satoshi halvings were set up in connection with election years in the US, which have always led to a rise in financial markets.
Furthermore, Svenson mentioned that the Profitability of Bitcoin has always risen until 80 weeks after each halving, marking the start of a new bear market. If history repeats itself, an 80-week period after the upcoming halving will likely be around October 2025, when a new bear market cycle is expected to begin.
Institutional interest in Bitcoin is rising sharply, contributing to a 9.57% increase in the last seven days. At the time of writing, Bitcoin is trading at $47,211.
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