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A closely-watched crypto strategist claims that a major trend change could be on the way for Bitcoin (BTC).
In a new video, crypto analyst Kevin Svenson tells his 120,000 Twitter followers that a bullish macroeconomic shift is now happening for Bitcoin.
“We are now breaking the biggest falling wedge in Bitcoin history. This dates back to 2021 to 2022 to 2023… We are starting to break out. We must, of course, get daily and weekly closes above this line. trend but this could be a major paradigm shift for the price of bitcoin And really the most interesting part about it is if you take the falling wedge measurement for the target and bring it into the zone breakout, it exceeds $50,000.
That’s exactly what the manual says… The biggest falling coin in Bitcoin history has a target of $50,000.
Source: Kevin Svenson/YouTube
A falling wedge pattern is traditionally a bullish formation that suggests a trend reversal, as an asset prints a higher high in a downtrend after a confirmed breakout.
In a new YouTube video, Svenson points out that he doesn’t see a Bitcoin rally to $50,000 as something that could happen right away.
“It will probably take Bitcoin a long time to get there and say that prices like $50,000 seem completely absurd to most people. But that’s usually what Bitcoin does. He usually does the thing you don’t think he’s going to do.
At the time of writing, Bitcoin is changing hands for $22,801, well above Svenson’s diagonal resistance.
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