Cryptocurrency analyst Kevin Svenson believes Bitcoin (BTC) and altcoins will witness big upside bursts for the rest of the year.
In a new video, Svenson tells his 79,800 YouTube subscribers that Bitcoin and altcoins are poised for more gains over the coming weeks and months.
According to Svenson, the altcoin market cap appears to be repeating a pattern witnessed in the last cycle, when it took 157 weeks before igniting a massive breakout rally.
“The altcoin market cap has been consolidating for the entire year. In the beginning of 2024, the altcoins had a huge run into March, gave up all of their gains and now have started to recover. The altcoin market cap is beginning to break above resistance…
Around 10 weeks from now, we’re going to be breaking the lower high [total altcoin market cap of $820 billion], which means a lot of altcoins have tremendous growth coming from now into November. So Q4 is looking solid for the altcoins and for Bitcoin for that matter.”
The altcoin market cap (TOTAL3) is trading at $641 billion at time of writing.
Looking at Bitcoin, Svenson believes BTC is on the verge of reaching a new all-time high after the S&P 500 index hit a record high earlier this week.
“S&P all-time highs always precede Bitcoin all-time highs. There’s never been a new Bitcoin all-time high without the S&P doing it first. So it’s looking good guys, I mean everything seems to be lining up…
Like I keep saying, we are much closer to the all-time high than most people think. From current prices to the wick high of the all-time high [at around $73,800], that’s less than 14% away.”
Bitcoin is trading at $65,590 at time of writing.
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