Crypto trader Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) amid the flagship digital asset revisiting a four-month high.
Svenson tells his 70,500 YouTube subscribers in a new video that once Bitcoin converts a key resistance level into support, BTC could appreciate by about 130% from its current price.
“Ultimately, once we do get above that $32,000 on that resistance and we flip it and confirm it as support, that’s likely going to usher in a huge push towards the all-time high [of slightly over $69,000].”
According to Svenson, the volatility of Bitcoin will rise once the $32,000 resistance level flips to support.
“Once we break above this resistance [$32,000], we start re-entering this range [$32,000 – $70,000], the swings are going to likely start to pick up quickly. Because you can see from $32,000 to the top, to the low, to the top, these swings are pretty rapid.
So once we get above that $32,000 zone, we confirm it as support, the swings will likely start to become more rapid. Even if we don’t break the [all-time] high initially, I think we’re going to see huge volatility above that $32,000 zone.”
Looking at Svenson’s chart, he seems to predict that Bitcoin will rally above $70,000 in the coming years.
Svenson says that the approval of a spot Bitcoin ETF could be a catalyst for BTC to rise above $32,000.
“If that does happen and we break above $32,000, just get ready for people to be surprised. Because I think a lot of people tend to forget, you know, after this boring sideways range [$25,000 – $32,000], people always forget that Bitcoin loves to surprise us.”
BTC is worth $29,950 at time of writing, down by around 56% from its all-time high of slightly over $69,000.
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
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 loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney