Based

Bitcoin ETF

Kevin

Bitcoin

Arkham

<p class="is-style-lead">Popular crypto analyst Kevin Svenson suggests that Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>) might soon break the $70,000 barrier, backed by data-driven insights and pivotal market shifts.</p> 
<p>As Bitcoin enthusiasts closely monitor market trends and price movements, Kevin Svenson, a respected crypto analyst, has set the stage for an exciting turn of events. He has predicted that Bitcoin’s value could soar to $70,000, contingent upon certain key developments.&nbsp;</p> 
<p>Svenson’s analysis is based on a crucial resistance level of $32,000. In a new YouTube video, he highlighted that if this resistance transforms into a solid support base, it could initiate a substantial uptick in Bitcoin’s price. Potentially, it can result in an impressive 130% increase from its current value.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
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   https://youtu.be/86GkdCJe1QQ?si=byCjdvm1glli-Tfw 
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<p>According to Svenson, this support transformation is pivotal.</p> 
<blockquote class="wp-block-quote"> 
 <p>“Once we do get above that $32,000 on that resistance and we flip it and confirm it as support, that’s likely going to usher in a huge push towards the all-time high of slightly over $69,000.”</p> <cite>Crypto analyst Kevin Svenson</cite>
</blockquote> 
<p>Moreover, Svenson anticipates an increase in Bitcoin’s price volatility following the establishing of $32,000 as a support level.</p> 
<p>“The swings will likely start to become more rapid,” he asserted, emphasizing that even if Bitcoin doesn’t immediately breach its all-time high, we should anticipate significant price fluctuations, particularly around the $32,000 mark.</p> 
<figure class="wp-block-image size-full">
 <img decoding="async" loading="lazy" width="1420" height="792" src="https://crypto.news/app/uploads/2023/10/BTC_7D_graph_coinmarketcap.jpeg" alt="Bitcoin price in 7 days | Source: CoinMarketCap" class="wp-image-14207100">
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  Bitcoin price in 7 days | Source: CoinMarketCap
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</figure> 
<h2 class="wp-block-heading" id="spot-bitcoin-etf-approval">Spot Bitcoin ETF approval</h2> 
<p>If Svenson’s analysis holds, the cryptocurrency market could soon witness Bitcoin breaking past the $70,000 threshold. However, he doesn’t base his forecast solely on market patterns. He also draws attention to the potential approval of a spot Bitcoin <a href="https://crypto.news/tag/bitcoin-etf/" data-type="link" data-id="https://crypto.news/tag/bitcoin-etf/">ETF </a>(exchange-traded fund).</p> 
<p> You might also like: <a href="https://crypto.news/coinbase-optimistic-about-us-approval-bitcoin-etf/"> Coinbase optimistic about US approval of Bitcoin ETF </a> </p> 
<p>Svenson reminds us that Bitcoin has a knack for surprising the market. </p> 
<blockquote class="wp-block-quote"> 
 <p>“If that does happen and we break above $32,000, just get ready for people to be surprised. Because I think a lot of people tend to forget, you know, after this boring sideways range of $25,000 to $32,000, people always forget that Bitcoin loves to surprise us.”</p> <cite>Crypto analyst Kevin Svenson</cite>
</blockquote> 
<h2 class="wp-block-heading" id="alternate-predictions-on-bitcoin-price">Alternate predictions on Bitcoin price</h2> 
<p>Crypto analyst <a href="https://crypto.news/bitcoin-price-predictions-analyst-sees-42k-by-mid-2024/">Jason Pizzino</a> has provided an analysis of Bitcoin’s price cycles. Based on historical market patterns, he suggests that Bitcoin could reach $42,000 by mid-2024.</p> 
<p>Pizzino’s model involves Bitcoin’s current position, around $29,950, and the bull market cycle, which began in November 2021. Drawing on past cycles, he estimates that Bitcoin generally reaches the 50% retracement level of the preceding bear market around the 17-19 month mark.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-options-traders-make-300m-bet-on-long-term-performance/"> Bitcoin options traders make $300m bet on long-term performance </a> </p> 
<h2 class="wp-block-heading" id="coinbase-s-massive-bitcoin-stash">Coinbase’s massive Bitcoin stash</h2> 
<p>In other news, recent data <a href="https://crypto.news/coinbase-identified-as-largest-bitcoin-holder-globally/">reveals</a> that Coinbase holds a remarkable $25 billion worth of Bitcoin. This constitutes nearly 5% of the total supply of this popular digital currency. The revelation comes from Arkham Intel, a blockchain intelligence platform.</p> 
<p>This revelation is significant because it positions Coinbase as one of the largest Bitcoin holders globally, owning nearly 1 million Bitcoins, a substantial sum valued at over $25 billion based on current market rates.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-price-breaks-above-30000-mark/"> Bitcoin price breaks above $30,000 mark </a> </p>

Bitcoin price to hit $70k soon, analyst predicts

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