A popular crypto analyst and strategist Kevin SvensonHe shared his price prediction, noting that Bitcoin (BTC) is giving signals that the bullish direction is in its infancy.
Sharing a video on his YouTube account with 67,500 followers, Svenson explained that Bitcoin may be exhibiting an ‘upturn trough’ showing a ‘bump and rally trend’.
“Bitcoin is currently sitting in a very similar pattern to the March 2020 COVID-19 crash pattern that we have had an epic comeback in. It’s like a ‘bump and run reverse bottom’.”
The “bump and run reversal bottom pattern” is a pattern that aims to help traders identify the end of one price trend and the beginning of another. The pattern usually occurs when there is excessive speculation in the market.
Svenson said the next major price hurdle will cross the previous high of around $53,500 since September.
“Everything looks pretty good for the bulls so far. I still can’t get out of the forest, but I like what I see.”
Bitcoin (BTC)At the time of writing, it is trading at $51,231, up nearly 9% from where it was priced a week ago.
Svenson also noted that the parabolic ‘stop-and-reverse (SAR) indicator’ bitcoinHe thinks that the . is in the middle of the uptrend. The analyst also stated that Bitcoin is likely to skyrocket to all-time highs in 2022.
In the short term, however, he predicts Bitcoin to surge to $63,222 and then to $69,000.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.