Cryptocurrency analyst and trader Kevin Svenson says Bitcoin (BTC) is nearing the end of the bull cycle.
Svenson tells his 83,900 YouTube subscribers in a new strategy session that Bitcoin is “entering the final stage” of a parabolic trend that started in late 2022.
According to Svenson, Bitcoin has several more weeks or months to go before reaching the cycle top.
“It’s pointing towards the end of this year or going into the New Year that the cycle would peak for Bitcoin.”
Svenson further says,
“It means that the way that this cycle ends is probably going to be different than expected. Bitcoin could run to… let’s just say $140,000, $150,000… Let’s say it tops out somewhere November, December, January, doesn’t really matter, and it has a major correction. There’s likely going to be huge rebounds that take place after, that bring us really close to the all-time high.”
According to Svenson, Bitcoin’s cycle top is likely to be preceded by euphoria and extreme bullishness if history repeats itself.
“People are going to become extremely bullish on Bitcoin, on Ethereum, on the altcoins at the final stage of the cycle. That’s when people will be most bullish as you’re creating the top. This happens in every single cycle….
All I’ve seen the entire cycle thus far, there is no confidence. All I see is skepticism. All I see is pessimism. There’s no overwhelming enthusiasm. So, that tells me that we’re not in the overvaluation zone.”
Bitcoin is trading at $116,436 at time of writing.
Generated Image: Midjourney
