Crypto expert Kevin Svenson predicts that Bitcoin (BTC) and altcoins are set to experience significant upward movements for the remainder of the year.
Speaking to his 79,800 YouTube followers in a recent video, Svenson suggests that both Bitcoin and altcoins are positioned for further growth in the coming weeks and months.
According to Svenson, the altcoin market cap seems to be following a pattern seen in the previous cycle, where it took 157 weeks before starting a major breakout rally.
“The altcoin market cap has been consolidating throughout the year. At the beginning of 2024, altcoins saw a substantial increase until March, retraced all gains, and are now recovering. The altcoin market cap is showing signs of breaking above resistance…
Around 10 weeks from now, we will be surpassing the previous lower high [total altcoin market cap of $820 billion], indicating significant growth potential for many altcoins from now until November. So, the fourth quarter looks promising for altcoins and Bitcoin as well.”
The current altcoin market cap (TOTAL3) stands at $641 billion.
Turning to Bitcoin, Svenson believes that BTC is on track to achieve a new all-time high following the recent record high of the S&P 500 index.
“S&P all-time highs consistently precede Bitcoin all-time highs. There has never been a new Bitcoin all-time high without the S&P doing it first. The outlook is positive, everything seems to be aligning…
As I’ve been saying, we are much closer to the all-time high than many people realize. The distance from current prices to the peak of the previous all-time high [around $73,800] is less than 14%.”
Bitcoin is currently priced at $65,590.
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