Crypto analyst and trader Kevin Svenson believes Bitcoin (BTC) could reach the top of its rally over the coming days and weeks.
svensson To tell He has 71,600 YouTube subscribers and if Bitcoin closes above the resistance zone of about $44,000 each week, it opens up the possibility for the flagship cryptocurrency to rise just over 40% from current levels.
“If Bitcoin’s weekly closing price rises above resistance, this indicates that the market is starting to favor the bulls, that they are in control, and gives us a reason to have a bullish bias.” I guess…
So If that happens and the price could rise towards this wick high [at close to $49,000] Ultimately, whether it takes 1 week, 2 weeks, 3 weeks…if we get to the wick high and actually break above that level, all positions that are still short will have liquidity trapped. is considered to be Because they no longer have a choice. Prices are above all-time highs, positions are all underwater, and there is nowhere else to go…
This would take us above the $60,000 target for this setup, making this theoretically a setup with trapped liquidity on the bull side. ”
Svensson also said that several other factors are contributing to the bullish bias in Bitcoin.
“If you don’t get over $49,000, the setup isn’t really there. If you can do that, you’ll probably get some quick momentum, because there’s a lot of inefficiency in a market where multiple factors come into play. There is currently a trend in the market, with higher lows and increased demand for Bitcoin.
That means a lot of factors are starting to come into play for this big move that could happen on the $49,000 break.you can easily land us there [around $60,000].
But the other factor I’m thinking about is psychological. That means most people want to invest before the halving. If you know about Bitcoin, if you know about the halving, if you’ve been watching the news lately, you probably want to buy before the halving. ”
At the time of writing, Bitcoin is trading at $42,500.
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