There is a new wave of excitement in the cryptocurrency market. Leading cryptocurrency Bitcoin managed to rise above the key level of $ 30 thousand again. Crypto trader and analyst Kevin Svenson evaluates BTC’s performance in recent days and expresses bullish sentiment. The analyst marks very high levels in the route he created.
Analyst predicts a 130% rise for Bitcoin
cryptokoin.comAs you follow from , Bitcoin revisited its four-month high. In such an environment, analyst Kevin Svenson expresses bullish sentiment on BTC. In a new video, Svenson suggests to his 70,500 YouTube subscribers that once Bitcoin turns a key resistance level into support, BTC will appreciate approximately 130% from its current price. In this context, the analyst makes the following statement:
Ultimately, once we break above $32,000 at this resistance and flip it and confirm it as support, this will likely initiate a major move towards a new all-time high for BTC (just above $69,000).
Fluctuations will begin to increase rapidly!
According to Kevin Svenson, Bitcoin’s volatility will increase once the $32,000 resistance level turns into support. The analyst says that once it breaks above this resistance ($32,000), Bitcoin (BTC) will start to re-enter this range ($32,000 – $70,000). According to the analyst, in this case fluctuations will probably start to increase rapidly. Because it is possible to see that these fluctuations are quite rapid, from $ 32,000 to the top, bottom and top. Based on this, the analyst shares the following assessment:
So once we break above the $32,000 zone and confirm it as support, fluctuations will likely start to happen faster. Initially, I think we will see a major surge above the $32,000 region even if we fail to break the new all-time high.
Looking at Kevin Svenson’s chart, we see that he predicts Bitcoin (BTC) will rise above $70,000 in the coming years.
Bitcoin likes to surprise us!
The analyst is also evaluating the approval of a spot Bitcoin ETF. He says this could be a catalyst for BTC to rise above $32,000. In this case, he predicts that BTC’s movement will be as follows:
If this happens and we break above $32,000, prepare for people to be surprised. Because I think a lot of people always forget that after that boring sideways range ($25,000 – $32,000), Bitcoin likes to surprise us.
Meanwhile, BTC was trading at $30,200, up 2.24% on a daily basis during this summer. Besides, BTC witnessed a significant increase of 12.5% on a weekly basis. However, it is worth noting that the all-time high is $69,000. Therefore, Bitcoin remains approximately 56% below the ETH level.
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