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