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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