A crypto strategist believes Bitcoin (BTC) will skyrocket and trend towards a new all-time high after a crucial level is shattered.
In a new strategy session video, crypto analyst Kevin Svenson tells his 70,600 YouTube subscribers that once Bitcoin flips a key 2021 price level into support, the king crypto will likely spark a massive bull run.
“The next most important change is going to be getting above this zone [between about $29,000 and $32,000] from 2021, major support, breaking it and confirming it as that new support level. Once we get that done, that’s when it’s time to get super, super bullish. So until then, it’s still a gray area. We’re in this sideways range here.
But once we flip this into new support, that’s when I’m going to be getting extremely, extremely confident in the market again. And that’s when I would expect a trend towards new all-time highs to take place because once we’re above this range, it’s game on. At that point, all of this just turned into an accumulation zone, once we get above that.”
But the analyst warns Bitcoin could turn bearish if market momentum declines lower than he anticipates.
“The market is currently directionless. There’s not too much of a trend at all actually. There’s no trend. We’re going sideways. We actually broke our trend. For a while, it was pretty easy to guess that the price action was just going to be up after every pullback, but now we’ve broken the trendline. That is something that damages sentiment, and that is something that can cause a lack of momentum and a lack of interest. And so what is possible here for Bitcoin?
If we do see a bounce for Bitcoin and we come up to that $30,000 level, the level of interest for the market, and we find resistance and we create a lower high, that pattern indicates a decrease in momentum, (also known as) a head and shoulders [pattern] where you get a high, a slightly higher high [and] a slightly lower high. And that is a signal of a decrease in momentum. That is a possibility right now, and that would occur if we get more bearish speculation from the stock market.”
Bitcoin is trading for $27,308 at time of writing, down 2.5% in the last 24 hours.