A Crypto Strategist Predicts a Bullish Run for Bitcoin
A crypto strategist named Kevin Svenson believes that Bitcoin (BTC) will experience a massive bull run and reach a new all-time high once it surpasses a crucial price level. Svenson explains in a strategy session video that if Bitcoin breaks and confirms the major support level between $29,000 and $32,000 from 2021, it will indicate a significant change and ignite a bullish trend. However, he warns that if market momentum declines more than expected, Bitcoin could turn bearish. If Bitcoin bounces back to the $30,000 level but encounters resistance and forms a lower high, it may indicate a decrease in momentum.
Currently, Bitcoin is trading at $27,308, with a 2.5% decrease in the last 24 hours.
Hot Take: Bitcoin’s Bullish Future Depends on Breaking Key Resistance Level
According to crypto strategist Kevin Svenson, Bitcoin’s path to a new all-time high lies in breaking and confirming the major support level between $29,000 and $32,000 from 2021. Once this crucial resistance is shattered, Svenson predicts that Bitcoin will enter a super bullish phase and embark on a significant bull run. However, he cautions that if market momentum declines further than expected or if Bitcoin fails to overcome resistance at the $30,000 level, it could result in decreased momentum and bearish sentiment. As of now, the fate of Bitcoin’s price movement hangs in the balance.