Top Trader Kevin Svenson Reveals His Latest Bitcoin (BTC) Price Prediction

Crypto analyst and trader Kevin Svenson shared his views on the current state of Bitcoin (BTC) as it exits the bullish trend reversal pattern.

He believes that Bitcoin has formed a falling wedge on the four-hour chart, a structure that typically signals a potential upward move as selling pressure eases.

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According to him, if this falling wedge formation is confirmed, it could mark a local low for Bitcoin, setting the stage for a recovery:

As long as the stock market remains stable, Bitcoin should be close to completing this formation. While we could dip lower if this is the bottom, Bitcoin could experience a solid recovery, potentially bouncing out of this range.

Furthermore, Svenson cautioned that for Bitcoin to sustain a sustainable recovery, it must continue to form higher lows on the daily chart:

He also noted that if BTC falls below $57,000, it could lead to significant selling, potentially driving the price to a deeper low before any rebound occurs.

According to the trader’s analysis, the confirmed recovery would be cemented if Bitcoin holds above $62,000, with a potential price target near $90,000.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.