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A popular cryptocurrency analyst suggests that Bitcoin (BTC) will rapidly rise and move towards its all-time high after breaking an important level.
Critical Point for BTC!
Cryptocurrency analyst Kevin Svenson stated on YouTube that when Bitcoin turns its important price level into support in 2021, it is likely to trigger a major bull run. The analyst stated the following:
The next significant change will be to move above the range of approximately $29,000 to $32,000 from 2021, break the major support, and confirm it as a new support level. Once we achieve this, it’s time to enter the super uptrend. Until then, it’s still a gray area. We are in this sideways range. But when we turn it into new support, that’s when I will have extreme confidence in the market again. That’s when I would expect a trend towards all-time highs because the game starts when we move above this range. At that point, when we move above it, all of this becomes an accumulation zone.
“Uncertainty in Bitcoin”
However, the analyst warned that if the market momentum experiences a lower drop than expected, Bitcoin may show a downward trend. The expert warned investors as follows:
The market is currently directionless. In fact, there is not much of a trend. There is no trend. We are going sideways. In fact, we have broken our trend. It was quite easy to predict that the price would rise after every pullback for a while, but now we have broken the trend line. This is something that damages sentiment and can cause a lack of momentum and interest. So what is possible for Bitcoin here? If we see a bounce for Bitcoin and reach the level of $30,000, which is the level of interest for the market, and find resistance and create a lower peak, this pattern indicates a decline in momentum. This is a signal that momentum is decreasing. This is currently a possibility, and if we get more speculation of a further decline from the market, this could happen.
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