Crypto Analyst Predicts Upcoming Bitcoin Bull Run as Bearish Sentiment Shifts – Important Timeline Revealed

Kevin Svenson, an analyst and trader, expresses a positive outlook for Bitcoin (BTC) as the top cryptocurrency undergoes a gradual rebound from its recent drop close to the $40,000 mark earlier this week.

Speaking to his 71,100 YouTube followers, Svenson suggests that Bitcoin is displaying signs of a potential bullish confirmation through the ascending broadening wedges pattern on its four-hour chart. He highlights the recent bounce near $40,300 as a crucial point of confirmation.

Svenson goes on to emphasize that they may be nearing the end of this pattern, supported by positive news, a rising stock market, and renewed optimism among traders. The once-dominant bearish sentiment is diminishing, compelling bearish-leaning market participants to shift their stance and begin buying at higher levels. This shift is expected to contribute additional support and momentum to the market, as the prevailing narrative becomes increasingly undeniable. Consequently, previously passive investors are likely to join the fray, propelling the market upwards.

Source: Kevin Svenson/ YouTube

Regarding the potential timing of a substantial Bitcoin price surge, Svenson suggests, "It's highly probable, as we move closer to Christmas or the New Year, we'll witness a significant uptrend in Bitcoin. Things are looking optimistic from a bullish perspective."

At the time of this writing, Bitcoin is trading at $43,166, reflecting a approximately 5% increase in the past 24 hours.


Dec 15, 2023

1 0