A closely tracked crypto strategist and trader is predicting a strong Bitcoin (BTC) bounce in the coming weeks.
In a new strategy session, analyst Kevin Svenson tells his 69,000 YouTube subscribers a BTC rally is likely incoming after the top crypto asset by market cap printed nine consecutive red candles on the weekly chart.
“But after that close, we are starting to see a little bit of bullish speculation. We’re starting to see that on the four-hour chart. Bitcoin is coming up and seemingly looking to break out [of] resistance here.”
Svenson’s prediction of a Bitcoin bounce is based on his thesis that BTC has at least printed a temporary bottom earlier this month at around $26,700.
“Looking at that 2021 low point [$29,000], Bitcoin has barely even tested below. We have not explored this downside region [$25,000] yet, which makes me think that yes, this bottom [$26,700] with this weekly volume signature could be acting as a long-term base of support or at least will act as strong support.”
According to the crypto analyst, the rally can push Bitcoin toward its immediate diagonal resistance.
“Bitcoin may be on the verge of a bullish rebound to retest the downward sloping resistance.”
While Svenson says that BTC appears poised to climb higher, he notes Bitcoin will likely resume its downtrend after hitting his target.
“Bear Markets make for fantastic trading zones. In both directions. You gotta be agnostic and unbias. Relief rallies can be powerful!!! We may be getting that now. We could hit targets like $37,000 and still dump again… but for now, it’s looking nice and green.”
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