Analyst and trader Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) amid the flagship crypto asset’s modest recovery from near the $40,000 level that was reached earlier this week.
Svenson tells his 71,100 YouTube subscribers that Bitcoin is signaling a potential bullish confirmation on the ascending broadening wedges pattern it has formed on the four-hour chart.
“The point that we just bounced off of here [around $40,300] is really starting to look like our confirmation bounce…
We’re probably at the end of this [ascending broadening wedges] pattern. We’ve gotten this bounce, we have so much positive news, the stock market’s up, people are starting to get optimistic again. And the bearish thesis is pretty much being completely crushed.
So, the part of the market, the market participants that have been holding on to their bearish bias for dear life are now going to have to start to flip and they’re going to have to start to buy at higher levels. And this is going to provide extra support, extra momentum as you can no longer deny what the narrative is now. So, all the silent people are going to probably start to pile in. And that’s going to send us up.”
On when Bitcoin could witness a significant price rally, Svenson says,
“Most likely guys, moving into Christmas or the New Year, we would probably start to see Bitcoin really take off. And we should be good to go from the bullish side of things.”
Bitcoin is trading at $43,166 at time of writing, up by around 5% over the past 24 hours.
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