Analyst Predicts Bitcoin to Break All-Time Highs by Year-End Despite Possible Dip

Popular crypto expert Kevin Svenson believes Bitcoin (BTC) could reach new all-time highs by the close of 2024.

Svenson remains optimistic, noting that Bitcoin is still in a long-term upward trend and may surpass its previous record of roughly $74,000.

Svenson expressed his confidence, stating that he expects Bitcoin to break its current record later this year, likely by Q4. However, he also cautioned that some short-term pullbacks might occur before that.

He pointed out that Bitcoin could retest the $58,000 level before pushing higher, with the relative strength index (RSI) potentially bouncing from support before moving into overbought territory. According to Svenson, while these short-term dips are possible, they don’t change his long-term bullish outlook.

He also highlighted the strong technical picture for Bitcoin, particularly on the monthly chart, where it continues to build support around the key levels from the previous 2021 market peak.