Kevin Svenson, a cryptocurrency expert and trader, suggests that Bitcoin (BTC) is approaching the conclusion of its current bullish phase.
In a recent strategy session with his 83,900 YouTube followers, Svenson indicated that Bitcoin is “entering the final stage” of an upward trend that began in late 2022.
Svenson believes there are still several weeks or even months left before Bitcoin reaches its peak for this cycle.
“The peak for Bitcoin seems to be aimed at the end of this year or possibly into the New Year,” he stated.
The analyst elaborated further:
“This cycle’s conclusion might unfold differently than anticipated. There’s potential for Bitcoin to surge to… let’s say $140,000 or $150,000. Whether it peaks in November, December, or January doesn’t matter much; what follows could be a significant correction. However, we can expect substantial rebounds afterward that bring us close to previous all-time highs.”
Source: Kevin Svenson/YouTube
Svenson also noted that if historical patterns hold true, euphoria and extreme optimism will likely precede Bitcoin’s peak.
“At the final stage of this cycle, people will become overwhelmingly bullish on Bitcoin as well as Ethereum and other altcoins. This heightened enthusiasm typically coincides with reaching market tops—this pattern has been consistent across cycles…”
“Throughout this entire cycle so far, I’ve observed a lack of confidence. What I see instead is skepticism and pessimism; there isn’t any overwhelming excitement yet. This indicates we haven’t entered an overvaluation phase.”
The current trading price for Bitcoin stands at $116,436 as of now.
Generated Image: Midjourney