According to cryptocurrency analyst Kevin Svenson, both Bitcoin (BTC) and altcoins are expected to see significant upward movements for the remainder of the year.
In a recent video, Svenson informs his 79,800 YouTube followers that Bitcoin and various altcoins are gearing up for further gains in the upcoming weeks and months.
Svenson notes that the altcoin market capitalization appears to be mirroring a trend observed in the previous cycle, where it took 157 weeks to trigger a substantial breakout rally.
“The altcoin market cap has been in a consolidation phase for the entire year. At the start of 2024, altcoins experienced a significant surge until March, only to lose all their gains, but they have now begun to recover. The altcoin market cap is starting to break through resistance…”
“In approximately 10 weeks, we are likely to surpass the lower high [the total altcoin market cap of $820 billion], indicating that numerous altcoins have substantial growth ahead from now through November. Thus, Q4 appears promising for altcoins and Bitcoin as well.”
Currently, the altcoin market cap (TOTAL3) stands at $641 billion.
As for Bitcoin, Svenson anticipates that BTC is on the brink of achieving a new all-time high, especially after the S&P 500 index reached a record peak earlier this week.
“All-time highs in the S&P invariably lead to all-time highs in Bitcoin. Historically, there has never been a new Bitcoin all-time high without the S&P doing it first. The outlook is promising; everything seems to be aligning…”
“As I’ve mentioned before, we are much closer to the all-time high than many realize. The distance from current prices to the all-time peak [which is around $73,800] is less than 14%.”
At present, Bitcoin is priced at $65,590.
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Disclaimer: The views expressed at The Daily Hodl are not investment advice. It’s important for investors to conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers and trades are your own responsibility, and any losses incurred are your own liability. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Additionally, The Daily Hodl may participate in affiliate marketing.
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