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.”
“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.
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