Crypto trader Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) amid the flagship digital asset revisiting a four-month high.
Svenson tells his 70,500 YouTube subscribers in a new video that once Bitcoin converts a key resistance level into support, BTC could appreciate by about 130% from its current price.
“Ultimately, once we do get above that $32,000 on that resistance and we flip it and confirm it as support, that’s likely going to usher in a huge push towards the all-time high [of slightly over $69,000].”
According to Svenson, the volatility of Bitcoin will rise once the $32,000 resistance level flips to support.
“Once we break above this resistance [$32,000], we start re-entering this range [$32,000 – $70,000], the swings are going to likely start to pick up quickly. Because you can see from $32,000 to the top, to the low, to the top, these swings are pretty rapid.
So once we get above that $32,000 zone, we confirm it as support, the swings will likely start to become more rapid. Even if we don’t break the [all-time] high initially, I think we’re going to see huge volatility above that $32,000 zone.”
Looking at Svenson’s chart, he seems to predict that Bitcoin will rally above $70,000 in the coming years.
Svenson says that the approval of a spot Bitcoin ETF could be a catalyst for BTC to rise above $32,000.
“If that does happen and we break above $32,000, just get ready for people to be surprised. Because I think a lot of people tend to forget, you know, after this boring sideways range [$25,000 – $32,000], people always forget that Bitcoin loves to surprise us.”
BTC is worth $29,950 at time of writing, down by around 56% from its all-time high of slightly over $69,000.
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