A prominent analyst says Bitcoin will see a strong six-digit rally as it follows a pattern well known in the stock market.
Crypto strategist Kevin Svenson first suggested a triple top and dome in June when Bitcoin struggled to hold $ 30,000.
At the time, Svenson said that Bitcoin was building a bear trap as it formed the basement level of the structure first identified by George Lindsay in 1970.
“George Lindsay said that the basement is basically a bear trap … So it would be a really good bear trap if the price kept going up to the first floor. This means we can expect an upward move into the $ 50,000- $ 60,000 zone in the next month or two to form the first floor. After that, BTC could see a boom to $ 200,000. ”
Source: Svenson
Six months later, Svenson to speak to its 64,900 YouTube subscribers that Bitcoin has now gone through the “basement” phase and is acting on the “first level” of the structure.
The well-known analyst Yurii also supports this view. He believes that Bitcoin will soon break out of the first stage and enter a phase of parabolic growth.
https://twitter.com/CryptoYurii/status/1469667692655353857?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“The model of three peaks and a dome.
The first stage is not perfect, but the model fits the # BTC cycle and the blow-off top theory. ”
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
London, UK, 4th November 2024, Chainwire
November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…
OpenSea new version is scheduled to launch in December, with an improved user experience, improved…
Analysts at Bernstein predict Bitcoin price in 2025 could reach $200,000, driven by factors like…
The latest report by Bitfinex Alpha: "The Calm Before the Storm," provides insights on the…
The crypto community is in a heated debate over Binance listing fees and the exchange’s…
This website uses cookies.