Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) days after the flagship crypto asset retraced by nearly 10%.
Svenson tells his 80,700 YouTube subscribers that if Bitcoin stays above an ascending trendline that has lasted more than two weeks on the daily time frame, the crypto king could target a six-figure price next.
“There’s a lot of demand for Bitcoin and if we hold this level [ascending trendline], I think that means we might just kind of settle up going into Thanksgiving. Maybe one more test down after Thanksgiving, maybe not.
But ultimately we’re looking for the $100,000 level most likely by the New Year.
If Bitcoin maintains this trend line and just breaks out again we’ll probably have $100,000 in December.”
Svenson further says,
“If we are unable to maintain this trend line and we dip maybe one more time to the 0.382 Fibonacci [retracement level] which is like $87,500, well then we would probably have $100,000 maybe at the end of December or going into the New Year. Those are the two scenarios that I find likely.”
Fibonacci retracement levels, which are based on the Fibonacci sequence, are used to identify potential levels of support and resistance with the most common being 0.236, 0.382, 0.5 and 0.618.
According to Svenson, the recent Bitcoin correction is a “pretty shallow retrace.”
“This pullback is really nothing in Bitcoin land. This type of a pullback that you just saw today we call that a Monday; it’s a standard day.”
Bitcoin is trading at $93,402 at time of writing, down by around 9% from the all-time high price of $99,645 reached on November 22nd.
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