A cryptostrategist and trader predicts bitcoin (BTC) will continue to rise in the coming weeks, alternating with sharp declines.
Analyst Kevin Swenson believes BTC’s rally, which occurred after nine consecutive red candles on the weekly chart, will be prolonged.
After the close, we’re starting to see bullish speculation. And we see it on the four-hour chart. Bitcoin is trying to overcome resistance.
Swenson’s prediction of a bitcoin rebound is based on his thesis that BTC formed a temporary bottom around $26,700 earlier this month.
Looking at that 2021 low [$29,000], it suggests that bitcoin is unlikely to go lower. We haven’t explored this area [$25,000] yet, which makes me think that this bottom [$26,700] with this weekly volume could act as a long-term support zone.
According to the crypto analyst, the rally could push bitcoin to its immediate diagonal resistance.
Bitcoin is on the verge of a bullish rebound to retest downward resistance.
At the same time, the expert notes that BTC is ready to go higher, however, after reaching the target, it is likely to resume the downtrend.
Bear markets create fantastic trading areas. In both directions. You have to be agnostic and unbiased. Sharp rallies can be powerful!!!
We could hit targets like $37,000 and go back down again…but so far everything looks nice and green.