Bitcoin Price Prediction: Analyst Forecasts New All-Time High by 2024

Crypto analyst and trader Kevin Svensson ⁢has made a bold prediction that Bitcoin (BTC) could hit a new ​all-time high‍ (ATH) by the end of 2024.

Svensson shared his insights with his​ 79,700 YouTube subscribers during a recent strategy meeting, stating that Bitcoin is still in a significant upward trend⁢ and could soon surpass ‌its current all-time high of around $74,000.

“I’m very bullish on this market and I’m ⁣bullish on Bitcoin,” Svensson said. “I ⁢think it is highly ⁢likely that we ⁣will hit a new all-time high toward the end of ​this year, especially ​the fourth⁤ quarter.”

However, Svensson also warned that ‌Bitcoin may retest ⁣lower levels‌ first. “There is downside risk in ⁢the near term, which means Bitcoin ⁣could retest the breakout zone around $58,000. Relative Strength Index (RSI) resistance ⁤should be retested with ⁢new support. Such ​movements can‌ occur ‍at any time and ⁤should ‍not be overlooked.”

Despite the potential short-term risks, Svensson remains optimistic about Bitcoin’s long-term prospects. “We are in a big upward trend. ⁤If you look at the monthly line chart,‍ you can⁤ see that support is building at the resistance level‍ for⁤ 2021. In the big​ picture, things look very good.”

At the ​time of writing, Bitcoin is trading at $65,019, up ⁤2.8% over the past 24 hours.

Bitcoin Market Fundamentals

Svensson emphasized that Bitcoin is showing strong market fundamentals in​ the⁣ monthly frame. “If you look at the monthly candles, you can see that we are resolving from the peak of the last ⁢cycle.”

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