Kevin Svenson, a cryptocurrency analyst and trader, suggests that Bitcoin (BTC) may be poised for a rally in the forthcoming days and weeks. Svenson, addressing his 71,600 YouTube subscribers, indicates that if Bitcoin achieves a weekly close above the resistance zone near $44,000, it could potentially trigger a rally of slightly over 40% from its current level.
“if Bitcoin closes above”weekly resistance, it suggests a bullish market trend, according to Svenson. Breaking the $49,000 wick high would trap short positions, potentially driving the price beyond $60,000 as a target in this bullish scenario.”
Svenson also highlights several other factors that support a bullish outlook for Bitcoin.
“If we don’t break $49,000, then the setup is not really there. If we are able to do that, that’s likely going to give us quick momentum because it creates a lot of market inefficiencies where there’s multiple factors playing in. We have the trending market, the higher lows, the high degree of demand for Bitcoin right now…
I mean there’s a lot of factors that begin to play into this major move that could take place on a break of $49,000. Could easily land us up there [around $60,000].
But the other factor that I’m thinking about too is a psychological factor, which is that most people are going to want to be invested before the halving. Anybody that knows about Bitcoin, that knows about the halving, that’s been watching the news recently, they’re probably going to want to buy before the halving.”
