By Nermeen Nabil Khear 
TLDR
- Bitcoin currently trading above $100,000, showing strong performance despite bearish sentiment in broader crypto market
- Kevin Svenson predicts “exciting part” of cycle starting now, approximately 40 weeks after April 2024 halving
- Historical patterns from 2012, 2016, and 2020 halvings suggest bullish phase at 40 weeks post-halving
- Price targets identified at $124,000, $134,000, and $142,000
- Analysis based on cyclical patterns observed over previous halving events
Bitcoin’s latest market movements are drawing attention from analysts as the cryptocurrency trades above $105,000, with one prominent voice suggesting substantial room for growth in the current cycle. Kevin Svenson, addressing his YouTube audience of 82,300 subscribers, has outlined a bullish case for Bitcoin based on historical patterns and cyclical analysis.
The cryptocurrency market has recently experienced mixed sentiment, with some altcoins facing notable price corrections. However, Bitcoin has maintained its position above the $100,000 mark, demonstrating resilience in the face of broader market fluctuations.
Svenson’s analysis focuses on Bitcoin’s behavior following previous halving events, particularly the timing of bullish phases. The fourth Bitcoin halving occurred on April 19th, 2024, and we are now approximately 41 weeks into the post-halving period.
Drawing parallels with previous cycles, Svenson points to a pattern that has emerged consistently. Following the 2012 halving, the market entered a highly bullish phase at the 40-week mark, with the bear market beginning 80 weeks after the halving event.
This pattern repeated after the 2016 halving, with similar timing for both the bullish phase and subsequent bear market. The 2020 cycle showed some variation, with altcoins taking center stage at the 40-week mark while Bitcoin moved sideways.
The current cycle, following the 2024 halving, appears to be following similar patterns to previous cycles, according to Svenson’s analysis. He suggests that Bitcoin is approaching what he terms “the really exciting part” of its market cycle.
Market data shows Bitcoin trading at $105,023, but Svenson believes there is potential for substantial upward movement. His analysis points to several key price targets, with the first being $124,000.
Beyond this initial target, Svenson identifies $134,000 as a secondary goal, with the potential to reach $142,000 before the current parabolic trend concludes. These projections represent potential gains of up to 35% from current prices.
The timing of these predictions aligns with historical cycle analysis, as we are currently at the 41-week mark post-halving. This timeframe has historically been associated with strong price performance in previous cycles.
Despite recent price corrections in some alternative cryptocurrencies, Bitcoin’s performance has remained strong. This divergence between Bitcoin and altcoin performance mirrors patterns seen in previous market cycles.
Svenson emphasizes that the current cycle appears to be in its middle phase, rather than approaching its conclusion. This assessment is based on comparative analysis with previous market cycles and their respective durations.
The analysis takes into account the typical duration of bullish phases following halving events, which historically last approximately 40 weeks before showing signs of exhaustion.
Historical data from previous cycles suggests that major price movements often occur during this phase of the market cycle, supporting Svenson’s outlook for potential price appreciation.
Trading volumes and market indicators remain consistent with previous bullish phases, though specific volume data points were not provided in the analysis.
One interesting aspect of the current cycle is Bitcoin’s ability to maintain prices above $100,000 despite varying market sentiment and corrections in other cryptocurrencies.
The post Bitcoin (BTC) Price Above $105K: Analyst Predicts 35% Upside Potential in Current Cycle appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.