BTC31011

02/10 13:26

Analyst and trader Kevin Swanson is bullish on Bit

Analyst and trader Kevin Swanson is bullish on Bitcoin (BTC) as the flagship crypto asset hovers above $100,000.

Swanson tells his 82,300 YouTube subscribers that Bitcoin has plenty of upside potential despite the bearish sentiment in the crypto market, which he attributes to the major price corrections seen in some altcoins in the recent past.

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“So it goes without saying that Bitcoin is doing very well, despite the sentiment that you guys may have felt or seen in the market.

... we have room to move higher in this cycle, it’s clearly not just starting, and it’s not coming to an end either. We’re in the middle and approaching the really exciting part.”

The analyst says that based on history, the “really exciting part” of the cycle for Bitcoin begins 40 weeks after the halving.  The fourth halving event was April 19, 2024, and it's been almost 41 weeks since then.

"Forty weeks after the 2012 halving, things got really bullish, and then 80 weeks after the 2012 halving, the bear market started. Go to the 2016 halving, 40 weeks after that, things got really bullish, the bear market started 80 weeks after the 2016 halving.

Go to the 2020 halving, things were really bullish until week 40 of the last cycle, although the altcoin cycle started in week 40, Bitcoin kind of went sideways, but altcoins became the most bullish at that point. And then 80 weeks after that, the bear market started. Just like other cycles."

 Source: Kevin Swanson/YouTube

According to Swanson, Bitcoin could rise as much as 35% from its current level.

“I think we’re probably going to have another big parabolic swing to a much higher target before this parabolic trend really ends. So I’m very bullish: $124,000, $134,000, $142,000… those prices seem very possible to me.”

At the time of writing, Bitcoin is trading at $105,023.

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