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Kevin Svenson, a cryptocurrency analyst closely followed by investors, seems to have switched to the bullish side after Bitcoin (BTC) revisited its highest level in four months. In his latest assessment, the analyst stated that there is a strong rise on the table for the largest cryptocurrency.
Breaking the $32,000 Threshold is Crucial for a Major Rally
Known for predicting major rallies in advance, cryptocurrency analyst Svenson said in his latest analysis video shared on YouTube that Bitcoin could gain about 130% from its current price after converting an important resistance level into support. The analyst said the following while explaining his bullish expectation:
Eventually, when we break above the $32,000 resistance and confirm it as support, there will likely be a significant move towards the all-time high (around $69,000).
According to the analyst, after testing the $32,000 resistance as support again, there will be a sharp increase in price volatility for Bitcoin:
When we break above $32,000, we will enter the range between $32,000 and $70,000. At this point, volatility will likely start to increase rapidly. In the past, we have seen highly volatile movements from $32,000 to the top, bottom, and upside. Even if the record is not initially renewed, I think we will see a great deal of movement above the $32,000 region.
Expecting Bitcoin to Surpass $70,000
Looking at the Bitcoin chart shared by Svenson, it can be seen that the largest cryptocurrency predicts that it will surpass $70,000 in the coming years. The analyst sees the approval of a spot Bitcoin ETF as a development that will push BTC above $32,000:
If this happens and we break above $32,000, be prepared for people to be surprised. Because I think many people always forget that Bitcoin likes to surprise them after this boring sideways range (from $25,000 to $32,000).
BTC is currently trading around $29,678, approximately 56% below its all-time high of around $69,000.
