Bitcoin

Top Crypto Analyst Says Mania Phase Incoming for Bitcoin As BTC Follows Famous Stock Chart Pattern – Here’s His Target

A preferred crypto analyst and dealer is saying that Bitcoin is due for a steep rally to the six-figure degree as BTC follows a widely-known sample within the equities market.

Crypto strategist Kevin Svenson first urged the three peaks and a domed home sample in June whereas Bitcoin was struggling to carry $30,000.

At the time, Svenson mentioned that Bitcoin was placing a bear entice as BTC kinds the basement of the construction first recognized by George Lindsay in 1970 whereas navigating the Dow Jones Industrial Index (DJIA).

“George Lindsay says the basement is essentially a bear trap… So it would actually be a good bear trap if we did actually continue with a move up to the first floor and that would mean over the next month or two, we would expect a move back up toward the $50,000 to $60,000 to form our first floor. And this could potentially lead us to into a final mania phase all the way up to the $200,000 level.”

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Source: Kevin Svenson/Twitter

Six months later, Svenson tells his 64,900 YouTube subscribers that Bitcoin is now out of the “basement” and is trading on the “first floor” of the construction.

“In the entire schematics, in the entire writings in literature from George Lindsay and [Thomas] Bulkowski, all present that the roof, the construction at 22 to 24… these assist ranges are coming in above the three peaks and above the primary flooring. The whole construction of the roof is occurring above the three peaks and above the primary flooring. 

So we don’t have that. You’re Bitcoin right here, we don’t really actually have any construction, any assist bounces that passed off alongside the earlier three peaks. 

And additionally should you’re trying on the schematic, the primary flooring is meant to be alongside the earlier three peaks. So if something, we’re on the first flooring proper now.”

If the sample holds true, Svenson sees BTC buying and selling on the “first floor” vary within the coming months earlier than launching a parabolic rally to the “roof” in 2022.

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Featured Image: Shutterstock/Liu zishan

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