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Crypto analyst Kevin Svenson forecasts that Bitcoin (BTC) 
$0.000041 may reach an all-time high before the end of the year, despite currently trading below $70,000. In his latest video targeting his 80,100 YouTube subscribers, Svenson highlights several factors that suggest Bitcoin prices will enter a bullish trend in the coming months.
Bullish Expectations and the Impact of U.S. Elections
Svenson indicates that events like the U.S. presidential elections have created an optimistic atmosphere in the cryptocurrency market, potentially leading Bitcoin to achieve new highs by year-end. He points out that positive price movements noted in previous election cycles may repeat this year. According to Svenson, Bitcoin typically exhibits a favorable trend during U.S. elections and inauguration periods.
“Every time Bitcoin sets an all-time high, it happens after U.S. elections and inaugurations. We are currently just 12-13% away from a new record, and elections are approaching. It is highly likely we will break a new record,” he stated.
Signals for a Trend Change in Bitcoin
Svenson notes that if Bitcoin closes October at its current level of $66,000 or higher, the market may shift back into a bullish trend following a prolonged period of sideways movement. He adds, “This could indicate a trend change, effectively ending the sideways market in a positive direction.”
Currently, Bitcoin is trading around $67,745, approximately 8% below its peak of $73,800 reached in March. Svenson believes that the current stagnation will not hinder Bitcoin’s potential for upward movement.
Market participants are closely monitoring Svenson’s analysis, especially with the upcoming U.S. presidential elections that could propel Bitcoin upward. Signs of a potential trend change in the Bitcoin market may create significant opportunities for traders.
