Renowned crypto analyst Kevin Svenson has projected a strikingly optimistic future for Bitcoin, likening it to the parabolic rally seen in 2017. Svenson recently suggested that Bitcoin’s next peak could significantly surpass current expectations.
His forecast points to robust structural growth, reminiscent of Bitcoin’s historic 2017 bull run. This suggests a bullish Bitcoin price prediction and potential for substantial gains, which is exciting for investors.
Analyst Foresees Historic Bitcoin Surge
Renowned crypto analyst Kevin Svenson has projected a strikingly optimistic future for Bitcoin, likening it to the parabolic rally seen in 2017.
In a recent tweet, Svenson suggested that Bitcoin’s next peak could surpass current expectations significantly.
“My #BITCOIN Prediction = Higher than you thought possible,” he stated, implying an unprecedented surge in the cryptocurrency’s value.
My #BITCOIN Prediction
= Higher than you thought possible
The peak price target is not displayed on this chart. I’m simply showing the expected structure. #BTC $BTC https://t.co/QWfMfxCqiW pic.twitter.com/f29ovFn9f6
— Kevin Svenson (@KevinSvenson_) July 15, 2024
While not specifying a peak price, Svenson’s prediction points to robust structural growth reminiscent of Bitcoin’s historic 2017 bull run.
His outlook suggests a bullish market sentiment and potential for substantial gains, fueling excitement among investors.
As Bitcoin continues to navigate market fluctuations, Svenson’s analysis offers a hopeful perspective, hinting at a future where BTC breaks past conventional price targets.
This forecast comes amid growing institutional interest and increasing adoption of Bitcoin, adding weight to his optimistic prediction.
U.S. Bitcoin ETFs Boost BTC Price Above $65,000
U.S. spot Bitcoin ETFs have seen significant inflows, driving Bitcoin’s price above $65,000. On July 16, net inflows reached $422.5 million, marking the highest trading day in over a month.
Key highlights:
BlackRock’s iShares Bitcoin Trust led with $260 million. Fidelity Wise Origin Bitcoin Fund attracted $61.1 million. ARK 21Shares Bitcoin ETF saw $29.8 million.BlackRock’s Bitcoin fund, now valued at over $20 billion, gained this milestone after acquiring 4,004 Bitcoins and a 3% price increase since Monday.
These substantial inflows and the growth of BlackRock’s Bitcoin fund have driven Bitcoin’s price higher, reflecting strong institutional investor confidence in BTC.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at approximately $64,610 on the 2-hour chart. The pivot point, which is identified at $63,980, is critical for traders.
Immediate resistance levels are noted at $65,980, $66,940, and $67,940. On the downside, immediate support is seen at $63,980, followed by $63,020 and $62,330.
The Relative Strength Index (RSI) is at 61, suggesting a relatively positive momentum.
Bitcoin Price Prediction – Source: TradingviewThe 50-day Exponential Moving Average (EMA) is positioned at $63,020, providing significant support. The upward trendline is likely to sustain Bitcoin’s price near the $64,000 mark.
If a bullish candle forms above this trendline, it could trigger a buying trend, reinforcing the positive outlook.
In conclusion, Bitcoin’s price action appears bullish above the $64,000 level. Should the price fall below this critical support, the outlook may shift to a more bearish sentiment.
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