Cryptocurrency analyst and trader Kevin Svenson believes Bitcoin (BTC) could quickly go parabolic after a major event that is just two months away.
In another strategy session, Svenson tells According to its 71,700 YouTube subscribers, Bitcoin is likely to rise to a new all-time high after the April halving, based on previous cycles.
Halving events, where miners’ rewards are halved, occur every four years.
Says Svenson,
“So this election year, the stock market will likely rise and that means Bitcoin will likely hit that parabolic curve sometime after the halving. And then, in the run-up to the second half of 2025, we will have to exit the market.”
Looking at his chart, the trader suggests that Bitcoin could cross the $100,000 level this cycle as early as December.
The analyst predicts that Bitcoin will peak around October 2025 in the current market cycle, based on historical price action.
“What we can see is that after every halving, every halving so far, 80 weeks later, the area where profitability ends is where you want to be out of the market. Halving of 2016, 80 weeks after that the profit zone ends, the bear market enters. Half of 2020, 80 weeks later it is the top, you want to get out of the market…
And so the halving in April, 80 weeks later, takes us to October 2025. And that’s where we can ensure that we exit the market completely, because there will likely be a bear market.”
Bitcoin is trading at $45,026 at the time of writing, up more than 4% in the past 24 hours.
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Generated image: Midjourney