Crypto Analyst Kevin Svenson Predicts $60,000 Bitcoin Rally
Cryptocurrency analyst and trader Kevin Svenson believes that Bitcoin (BTC) is on the verge of a significant rally in the coming days and weeks. Svenson, who has a following of 71,600 subscribers on YouTube, suggests that if Bitcoin can close above the resistance zone of around $44,000 on a weekly basis, it could lead to a rally of over 40% from its current level.
Svenson explains that if Bitcoin manages to break above the wick high at close to $49,000 after reaching it, all the short positions will be considered trapped liquidity. This would push the price even higher, potentially towards the target of over $60,000.
Factors Supporting a Bullish Bias for Bitcoin
Svenson highlights several factors that favor a bullish bias for Bitcoin. He mentions the presence of a trending market, higher lows, and high demand for Bitcoin as contributing factors to a potential major move. Additionally, he notes that many people may want to invest in Bitcoin before the halving event.
Bitcoin is currently trading at $42,500.
Hot Take: A Potential Bullish Breakout for Bitcoin
Crypto analyst Kevin Svenson suggests that Bitcoin may experience a significant rally if it can close above the resistance zone of $44,000 on a weekly basis. This breakout could potentially push the price towards $60,000 or higher. Svenson points out various factors supporting a bullish bias for Bitcoin, including market trends and increased demand. Additionally, he believes that investors may want to buy before the halving event. With Bitcoin currently trading at $42,500, all eyes are on whether it can surpass the resistance level and initiate a substantial rally in the near future.
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