Popular crypto analyst Kevin Svenson is saying that Bitcoin (BTC) is flashing signals that indicate the leading crypto asset by market cap is in the beginning stages of a bullish reversal.
Svenson tells his 67,400 YouTube subscribers that Bitcoin appears to be demonstrating a “bump-and-run bullish reversal bottom.”
[adinserter block="1"]“Bitcoin is now sitting in a pattern that resembles very much the March [2020] covid crash pattern where we had an epic reversal bottom. A bump-and-run reversal bottom.”
The bump-and-run reversal bottom pattern aims to help traders spot the end of a price trend and the beginning of another one. The pattern usually appears when there’s excessive speculation in the market.
Svenson says the next major price hurdle will be getting past the previous high from September of around $53,500.
“It’s looking pretty good so far for the bulls.
Still not out of the woods just yet, but I like what I’m seeing right now.”
BTC is trading at $51,231.57 at time of writing, up about 9% from where it was priced a week ago.
Svenson also says the parabolic stop-and-reverse (SAR) indicator points to Bitcoin being in the midst of a bullish reversal. The analyst thinks it is likely Bitcoin skyrockets to new all-time highs in 2022.
But in the short term, Svenson sees Bitcoin rallying to $63,222 first and then $69,000.
I
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Daniel Krason
