The well-known crypto YouTuber Kevin Svenson expectedthat the price of Bitcoin (BTC) could rise sharply in the coming months. In a recent video on his channel, which has almost 80,000 subscribers, Svenson talks about a so-called bullish reversal pattern. This technical pattern indicates a recovery phase and could predict significant price increases.
Svenson highlights some key price levels that investors should keep an eye on to confirm the uptrend.
Svenson explains that a bull rally could emerge if the economy and stock markets remain stable. In this case, the technical pattern could evolve as shown in the attached graphic. In the short term, however, the analyst initially expects the Bitcoin price to fall to around $57,000, which corresponds to a correction of almost 10%.
At this level, BTC price will find strong support around the descending trend line, which could serve as a springboard for a new upward move.
Technical analysis of the Bitcoin price – Kevin Svenson
Technical analysis of the Bitcoin price according to Kevin Svenson
Svenson does not provide an exact price target for the potential bull rally in his video. Nevertheless, the technical trend lines suggest that Bitcoin price could potentially rise to $90,000. This would represent an increase of almost 50% and exceed the previous all-time high of $73,700.
Looking at historical BTC price movement
Svenson’s predictions are consistent with historical BTC price trends and the expectations of well-known on-chain analyst PlanB. In general, the price of the largest cryptocurrency is consolidating after a halving event, the last of which took place last April. A period of relatively stable price movements is often followed by an explosive breakout, after which BTC reaches new record highs.
