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
