One of the most recognized voices in the sector, Kevin Svenson, brought interesting and positive news about the near future of Bitcoin.
Svenson, with his accurate history of analysis, suggested a very optimistic scenario for digital currency. In a recent YouTube video, he argued that if Bitcoin can break through the $32,000 resistance point and turn it into a support level, the path will be paved for an impressive increase in value.
This is not everything! Upon reaching and confirming this US$32,000 mark as support, Bitcoin may begin to experience more intense volatility, at an accelerated pace. While some investors might worry about this instability, Svenson sees it as a promising sign. “Once we stabilize above $32,000, the market may start to move faster. Even if we don’t surpass the initial record, volatility could be intense at this level,” mentioned Svenson.
With this, the analyst suggests that a potential increase of around 130% in the value of Bitcoin could be expected, leading the crypto to flirt with around US$70,000. Now, imagine the surprise of those who got used to seeing Bitcoin fluctuate between US$25,000 and US$32,000 and suddenly witness an escalation beyond what was expected.
In addition to technical analysis, Svenson highlighted an element that could further boost this growth: the potential launch of a spot Bitcoin ETF. “If a spot Bitcoin ETF gets the green light and Bitcoin breaks the $32,000 mark, many will be caught off guard. It’s common for us to forget that Bitcoin always has an ace up its sleeve,” he explained.
If Svenson’s predictions come true, the cryptocurrency landscape could soon have a new outlook. At the time of publication, the price of BTC was quoted at US$29,995.71, up 1.2% in the last 24 hours and 11.6% for the week.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.