Bitcoin To 'Usher In a Huge Push' Towards $70,000 BTC Price Once This Happens, Says Crypto Analyst Kevin Svenson Crypto trader Kevin Svenson is expressing bullish
sentiment on Bitcoin (BTC) amid the flagship digital asset revisiting a four-month high. Svenson tells his 70,500 YouTube subscribers in a new video that once Bitcoin converts a key resistance level into support, BTC could appreciate by about 130% from its current price. Ultimately, once we do get above that $32,000 on that resistance and we flip it and confirm it as support, that's likely going to usher in a huge push towards the all-time high [of slightly over $69,000]."
Ultimately, once we do get above that $32,000 on that resistance and we flip it and confirm it as support, that's likely going to usher in a huge bush towards the all-time high [of slightly over $69,000]."
According to Svenson, the volatility of Bitcoin will rise once the $32,000 resistance level flips to support.
"Once we break above this resistance [$32,000], we start re-entering this range [$32,000- $70,000], the swings are going to likely start to pick up quickly. Because you can see from $32,000 to the top, to the low, to the top, these swings are pretty rapid.
So once we get above that $32,000 zone, we confirm it as support, the swings will likely start to become more rapid. Even if we don't break the [all-time] high initially, I think we're going to see huge volatility above that $32,000 zone." Looking at Svenson's chart, he seems to predict that Bitcoin will rally above $70,000 in the coming years.
Svenson says that the approval of a spot Bitcoin ETF could be a catalyst for BTC to rise above $32,000.
"If that does happen and we break above $32,000, just get ready for people to be surprised. Because I think a lot of people tend to forget, you know, after this boring sideways range [$25,000 - $32,000], people always forget that Bitcoin loves to surprise us
BITCOIN IS EXPECTED TO HIT BETWEEN $40,000 - $75,000 SOON: EXCITING TIMES AHEAD?
The crypto world is buzzing with anticipation as the former director of BlackRock projects a whopping $300 billion inflow into the Bitcoin market within the first year of the ETF's existence.
With the SEC's decision not to appeal Grayscale's victory, it appears that the path is clear for Bitcoin Spot ETFs. The clock is ticking with ARK's initial application set for January 10, 2024.
Remember how ETF approval has historically impacted the market? It's been significant! But now, think about the potential effects in the weeks following its introduction.
A buying pressure of $300 billion is no small feat and could propel Bitcoin towards the coveted $100,000 milestone.
So, when we talk about Bitcoin hitting between $40,000 - $75,000 in the next 70 days or less, it's not just optimism; it's setting a modest target in the grand scheme of things. Hold on to your seats, crypto enthusiasts, because the future looks promising! Here we goo🚀🚀
Tesla balance sheet, which Bitcoin investors were eagerly awaiting, was announced The Tesla balance sheet, which Bitcoin investors are eagerly waiting for, has been announced. The electric vehicle giant did not make any Bitcoin sales in the third quarter, according to the report, and continued to hold assets. Tesla, where Elon Musk is the CEO, made its first and last Bitcoin purchase in February of 2021 While the company made a purchase of $ 1.5 billion, it announced in March that it had started selling vehicles with Bitcoin. The company's first Bitcoin sale came in April of 2021 and $ 272 nillion of BTC was disposed of. Musk, who once said "I wish I had bought Bitcoin 8 years ago," had suspended the sale of vehicles with BTC in May of the same year, this time claiming that Bitcoin mining was harming the environment. Despite this, the company is the 2nd of 2022. he had not made a Bitcoin sale until a quarter of it. The company currently h about 10 thousand BTC in its hands. #BTC #elonmusk #Binance
#BTC gave a rejection candlestick pattern over the Support zone and break the consolidation to the up, where price driving he next move. So, a wick fill is expected till resistance zone of $29,820 - $29,890. $BTC #etf #bitcoinetf
🚀🚀Bitcoin prices soar past $29K! 2.5% increase in just a few hours 3.2% gain on the day, 9% since last week - Analyst @CredibleCrypto says "Bitcoin has launched"
New support level: $28.6K E Next stop: $30K C Watch out for possible consolidation BTC to $36K on Spot ETF Approval? CryptoQuant report: $1 trillion market cap increase
$155 billion could flow into BTC market & 27% market cap increase, prices could hit $36K What do you think? Will we see $36K soon? Share your thoughts below! r #Bitcoin #CryptoNews
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Bitcoin Tops $29k As Altcoins Rally Higher Bitcoin is up by more than 3% in the last 24 hours. and is now trading above the $29k level once again as altcoins rally higher.
ETHEREUM Hot Currently trading at a price of around $1,900, Ethereum (ETH 2.05%) is looking for its next big catalyst. While Ethereum is up by more than 60% year to date, it's still down significantly from the all-time high of $4,891.70 that it hit nearly two years ago. So it has plenty of potential upside.