Leading market cryptocurrency analyst Kevin Svenson has expressed his bullish expectations for Bitcoin (BTC), stating that the flagship cryptocurrency has recorded a minor recovery near the $40,000 level.
Critical Formation in Bitcoin
Expert Kevin Svenson, in his statements via YouTube, suggested that Bitcoin has given a potential bullish confirmation signal with the rising expanding wedge pattern it formed above the fourfold. The analyst stated the following in his explanations:
The point we just bounced back from, around $40,300, is really starting to look like our confirmation bounce… We’re probably at the end of this rising expanding wedges pattern. We caught this rise, and we have so much positive news that the stock market is going up, people are starting to become optimistic again. And the bearish thesis is almost completely crushed. So, a part of the market, the market participants who have maintained a bearish trend throughout their lives, are now starting to change and will begin to buy at higher levels. And this extra support will provide additional momentum because you can’t deny the current state of the narrative now. Consequently, all the silent people will probably start accumulating. And this will send us higher.
In conclusion, cryptocurrency analyst Kevin Svenson pointed out that Bitcoin has received a bullish confirmation at the $40,300 level, indicating a potential price increase. Svenson predicted that the rising expanding wedge pattern has ended and as optimism increases, investors will start buying at higher levels. He stated that Bitcoin could witness a significant price increase in the coming months, possibly occurring around Christmas or the new year. At the time of writing, Bitcoin was trading at $43,166, up approximately 5% in the last 24 hours.
New Year Prediction for BTC
Kevin Svenson commented on when the leading cryptocurrency Bitcoin might witness a significant price increase:
Most likely, as we enter Christmas or the new year, we will start to see Bitcoin really take off, guys. And it would be good for things to go in an upward direction.
As a result, cryptocurrency analyst Kevin Svenson indicated that Bitcoin has received a bullish confirmation at the $40,300 level, hinting at a potential price increase. Svenson foresaw that the rising expanding wedge pattern has concluded and as optimism grows, investors will start to engage in buying at higher levels. Svenson suggested that Bitcoin could witness a significant price increase in the coming months, likely around Christmas or the new year. At the time of writing this article, Bitcoin was trading at around $43,166, reflecting an increase of approximately 5% within the last 24 hours.