Benzinga – by Bibhu Pattnaik, Benzinga Staff Writer.
As the crypto market continues to evolve, prominent crypto analyst Kevin Svenson shared an optimistic outlook for Bitcoin (CRYPTO: BTC).
What Happened: Svenson believes a significant price surge is on the horizon, potentially reaching a staggering $70,000.
In a YouTube video this week, Svenson pointed out that a pivotal resistance level, once converted into a support base, could trigger a massive uptick in Bitcoin’s price. This could result in an approximate 130% increase from its current standing.
Svenson said he also anticipates a spike in Bitcoin’s volatility once the $32,000 resistance is transformed into a support level.
“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,” Svenson said.
He suggested that the market should brace for more pronounced price fluctuations, especially around the $32,000 mark.
Also Read: Crypto Analyst Confident About Bitcoin’s Surge, But There’s A Catch
“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,” he added.
If Svenson’s analysis holds, Bitcoin might soon break past the $70,000 threshold. Another catalyst Svenson highlighted is the potential green light for a spot Bitcoin ETF.
Svenson said, “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 of $25,000 to $32,000, people always forget that Bitcoin loves to surprise us.”
At the time of writing, Bitcoin was trading at $29,767.09, up by 11 per cent in the last seven days.
Now Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: ‘This Is The Beginning’
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Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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