Bitcoin

Bitcoin Flashing Strong Bullish Reversal Signal, According Crypto Strategist – Here’s His Target

Popular crypto analyst Kevin Svenson is saying that Bitcoin (BTC) is flashing indicators that point out the main crypto asset by market cap is at first levels of a bullish reversal.

Svenson tells his 67,400 YouTube subscribers that Bitcoin seems to be demonstrating a “bump-and-run bullish reversal bottom.”

“Bitcoin is now sitting in a pattern that resembles very much the March [2020] covid crash pattern where we had an epic reversal bottom. A bump-and-run reversal bottom.”

The bump-and-run reversal backside sample aims to assist merchants spot the top of a price pattern and the start of one other one. The sample often seems when there’s extreme hypothesis within the market.

Svenson says the subsequent main price hurdle will likely be getting previous the earlier excessive from September of round $53,500.

It’s wanting fairly good thus far for the bulls.

Suntil not out of the woods simply but, however I like what I’m seeing proper now.”

BTC is buying and selling at $51,231.57 at time of writing, up about 9% from the place it was priced per week in the past.

Svenson additionally says the parabolic stop-and-reverse (SAR) indicator factors to Bitcoin being within the midst of a bullish reversal. The analyst thinks it’s seemingly Bitcoin skyrockets to new all-time highs in 2022.

But within the brief time period, Svenson sees Bitcoin rallying to $63,222 first after which $69,000.

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Featured Image: Shutterstock/Daniel Krason

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