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Trader Kevin Svenson conveys his positive outlook regarding Bitcoin’s (BTC) entrance into a bullish market. He notes that Bitcoin 
$83,269, a leading asset in the cryptocurrency market, has broken its bearish reversal structure to initiate an upward trend.
Falling Wedge Formation
In a video shared with his YouTube subscribers, Svenson explains that Bitcoin has formed a falling wedge pattern on its four-hour chart. This pattern is perceived as an indicator of a potential upward movement as selling pressure diminishes.
The completion of this formation suggests that a local bottom may be forming for Bitcoin. Svenson mentions, “As long as the stock market remains stable, I believe Bitcoin is close to completing this formation. We might dip a bit more, but theoretically, if we consider this level as a low, we could see a nice bounce for Bitcoin from this range.”
Support and Target Levels
At the time of writing, Bitcoin is trading at $62,718, indicating it has broken the falling wedge formation. Svenson emphasizes that Bitcoin needs to continue creating higher lows on the daily timeframe. He warns that a break of a critical level could trigger a new wave of selling:
“The lowest Bitcoin level I want to see is around $57,000. We could still break this trendline, but if we fall below, things get a bit dangerous. Because that could lead to the price returning to previous levels before experiencing another significant drop.”
The trader anticipates that Bitcoin trading above $62,000 would validate a recovery, forecasting a target price just below $90,000.
Bitcoin’s current surge may continue, provided that market dynamics remain unaffected. It is crucial for traders to closely monitor the formation’s completion phase and potential support levels.
Recent analyses suggest that Bitcoin could continue to gain value if it signals positive technical indicators. However, due to high market volatility, traders are advised to proceed with caution.
