Bitcoin (BTC) may be on the brink of setting new all-time highs, despite months of sideways trading. Crypto analyst Kevin Svenson recently shared his analysis, suggesting that Bitcoin’s current price consolidation aligns with historical cycles and could lead to record-breaking gains in the coming months.
BTC’s Position Matches Historical Cycles
In a recent YouTube video, Svenson explained to his audience of over 80,000 that Bitcoin’s trajectory mirrors patterns from past cycles. He noted that Bitcoin tends to break above previous highs in the months following each halving event. Specifically, he highlighted Bitcoin’s timeline to break above previous all-time highs:
- First halving (2012): BTC took 41 months post-high to reach a new peak.
- Second halving (2016): It took 36 months to trend above the previous high.
“Right now, we’re at the 35-month mark,” Svenson shared, noting that Bitcoin’s previous high of $74,000 could soon be surpassed if the cycle remains consistent.
Analyst Sees Timing as “On Track”
Svenson emphasized that Bitcoin’s current position is “on track” with previous cycles. Many investors expected an immediate trend above the previous all-time high, but Svenson sees the recent consolidation as normal. He pointed to past cycles, like in 2016, where Bitcoin reached an all-time high but took a few more months to stabilize and begin trending upward.
Currently, Bitcoin is trading at $66,841, slightly down in the last 24 hours. However, Svenson remains optimistic, suggesting that Bitcoin may break past its current high as soon as next month, based on these historical cycles.
This analysis suggests that BTC could be nearing one of the most “explosive phases” of its cycle, with the potential to reach new heights soon.
