A closely followed crypto strategist says a major shift in trend could be underway for Bitcoin (BTC).
In a new video, crypto analyst Kevin Svenson tells his 120,000 Twitter followers that a bullish macro shift is happening now for Bitcoin.
“We are now breaking the largest falling wedge in Bitcoin’s history. It stems back from 2021 to 2022 to 2023… We are starting to break out. We’ve got to, of course, get some daily and weekly closes above this trendline, but this could be a major paradigm shift for the price of Bitcoin. And really, the most interesting part about this is if you take the falling wedge measurement for the target and you bring it over to the breakout zone, it exceeds $50,000.
That’s just what the textbook says… The largest falling wedge in Bitcoin’s history has a target of $50,000.”
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 highlights that he does not see a Bitcoin rally to $50,000 as something that could happen right away.
“It’s likely going to take Bitcoin a long time to get there and saying prices like $50,000 seem completely absurd to most people. But this is usually what Bitcoin does. It usually does the thing that you don’t think it’s going to do.”
At time of writing, Bitcoin is changing hands for $22,801, well above Svenson’s diagonal resistance.
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Featured Image: Shutterstock/NextMarsMedia
