Crypto analyst Kevin Svenson has his eye on a crucial price point for Bitcoin (BTC). With Bitcoin currently trading below its all-time high, Svenson believes a key level will determine whether the cryptocurrency continues its upward trend.
$90,000: The Make-or-Break Point
Svenson, who boasts a large YouTube following, says Bitcoin needs to close above $90,000 on a weekly chart. A successful close above this level would be a strong bullish signal, suggesting renewed buyer demand. Conversely, failure to break and hold above $90,000 could signal weakening demand and potentially a significant price drop. He points to the importance of closing above the downward trend line, suggesting a close above $87,500 would also be a positive sign, but closing above $90,000 would be significantly better.
Svenson’s Prediction: A Rebound Ahead?
Svenson predicts a price action similar to August’s rebound, possibly with some sideways movement before another upward push. He anticipates some market skepticism due to potential price fluctuations, but remains optimistic about Bitcoin’s long-term upward trend.
Current Market Conditions
At the time of writing, Bitcoin is trading around $86,206. The coming weeks will be crucial in determining whether it can overcome the $90,000 hurdle and continue its upward trajectory.
Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Always conduct your own research before making any investment decisions.
/p>
