Crypto analyst Kevin Svenson has posited that Bitcoin (BTC) may soon experience a significant rally. Svenson indicated that a specific condition must be fulfilled for the cryptocurrency to potentially reach the $60,000 mark.
Key Resistance Level: A Bullish Indicator
Svenson, sharing his insights on his YouTube channel, pinpointed the $44,000 resistance level as critical. A weekly candle close above this level could suggest a 40% surge from the current prices, signaling bullish market control and an uptrend momentum.
He further explained that a rise above the $49,000 ‘fuse’ level would trap short positions, creating liquidity as these positions are forced to close. This could catalyze a climb to over $60,000, driven by the squeeze on short sellers.
Additional Factors Bolstering Bitcoin’s Potential Rise
The analyst also highlighted the upcoming block reward halving as a supportive element for Bitcoin’s price increase. Svenson believes that a break above the $49,000 resistance could quickly propel Bitcoin to the $60,000 threshold, fueled by market inefficiencies and high demand.
He emphasized the psychological impact of the halving event, suggesting that investors might rush to buy Bitcoin in anticipation, further driving up its value. Awareness of the halving and recent news could trigger a significant buying spree before the event occurs.
