Kevin Swenson: Bitcoin will reach a historic high by the end of the year

Analyst and trader Kevin Swenson predicts that bitcoin could reach new all-time highs by the end of 2024.

In his latest YouTube session, Swenson said that bitcoin BTC $65,438.70 Bitcoin -0.36% Market capitalization $1.29 trillion VOL. 24 hours $0.6 billion remains in a macro trend and could soon exceed its previous high of around $ 74,000.

Swenson notes that, despite the overall positive outlook, a decline in the rate is possible in the short term. The analyst pointed out that bitcoin could test the $ 58,000 level before starting to grow again.

«This decline should not be ruled out, but in the long run, such fluctuations are not critical,» he said.

Swenson also emphasizes that market fundamentals for bitcoin look strong on the monthly chart. According to him, bitcoin is now building support at the previous resistance level reached in 2021, which adds confidence in further growth.

At the time of writing, bitcoin is trading at $ 65,800, up 2.8% over the past 24 hours.