A crypto strategist believes Bitcoin (BTC) will skyrocket and move to a new all-time high after breaking a crucial level.
In a new strategy session video, crypto analyst Kevin Svenson explains tells Its 70,600 YouTube subscribers say that once Bitcoin turns a key 2021 price level into support, the king crypto will likely trigger a massive bull run.
“The next most significant change will come above this zone [between about $29,000 and $32,000] from 2021 onwards, major support, breaking it and confirming it as that new support level. Once we get that done, it’s time to get super, super bullish. Until then it is still a gray area. We’re in this sideways range here.
But once we convert this into new support, I will regain extreme confidence in the market. And that’s when I expect a trend towards new all-time highs to occur, because once we get above this range, the game is on. At that point, this all turned into an accumulation zone as soon as we got up there.”
But the analyst warns that Bitcoin could turn bearish if market momentum falls lower than he expects.
“The market is currently directionless. Actually, there isn’t much of a trend at all. There is no trend. We’re going sideways. We have actually broken our trend. For a while it was pretty easy to guess that the price action would simply rise after each pullback, but now we have broken the trendline. That’s something that hurts sentiment, and that can cause a lack of momentum and a lack of interest. And what is possible here for Bitcoin?
If we see a rebound for Bitcoin and we get to that $30,000 level, the level of interest for the market, and we find resistance and create a lower high, then that pattern indicates a decline in momentum, (also known as ) a head and shoulders [pattern] where you get a high, a slightly higher high [and] a slightly lower high. And that’s a signal of a decline in momentum. That is a possibility right now, and that would happen if we get more bearish speculation in the stock market.”
Bitcoin is trading at $27,308 at the time of writing, down 2.5% in the past 24 hours.
Featured image: Shutterstock/issaro prakalung/David Sandron
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