According to cryptocurrency analyst Kevin Svenson, Bitcoin (BTC) and altcoins are expected to experience significant increases in value for the remainder of the year. Svenson notes that the altcoin market cap is exhibiting a pattern similar to the previous cycle, where a major breakout rally occurred after 157 weeks of consolidation. He predicts that in around 10 weeks, the altcoin market cap will surpass its previous high, leading to substantial growth for altcoins in the fourth quarter of the year. Meanwhile, Svenson suggests that Bitcoin is on the cusp of reaching a new all-time high, with the S&P 500 index's recent record high serving as a precursor to Bitcoin's surge. He believes that Bitcoin is less than 14% away from its previous peak. At the time of writing, the altcoin market cap is $641 billion, and Bitcoin is trading at $65,590.



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