Analyst Kevin Svenson noted that Bitcoin has the potential to reach a new all-time high by the end of the year, but there is a risk of a pullback in the short term.

Svenson predicts that Bitcoin (BTC) could reach a new all-time high (ATH) before the end of 2024. In his new strategy analysis to his 79,700 subscribers on his YouTube channel, he stated that Bitcoin is in an uptrend on a macro level and could surpass the current ATH of around $74,000:

"I'm pretty bullish on the market, especially Bitcoin. I think we'll hit new ATHs by the end of this year, probably in Q4."

However, the analyst also warned that Bitcoin could test lower levels in the short term:

“There are some risks in the short term. Bitcoin could retest the breakout zone (around $58,000) and then test the RSI (Relative Strength Index) resistance at 50 as a new support before making a real breakout.”

Emphasizing that such movements are always possible and should not be ignored, Svenson stated that such fluctuations are not important in the long run.

He also noted that Bitcoin has been exhibiting strong market fundamentals on the monthly timeframe:

"We are in a macro uptrend. If you look at the monthly line chart, you can see that we are building support at the resistance level in 2021. Looking at the overall picture, things are looking quite positive. The monthly candles are showing that the market is recovering from the peak level of the previous cycle."