It has been just revealed that the Bitcoin bears are now flipping bullish, which means that Bitcoin is surrounded by massive predictions. When is the king coin about to take off?
Bitcoin’s price is about to explode
Kevin Svenson, an analyst and trader, is optimistic about Bitcoin’s (BTC) recovery after it almost hit the $40,000 mark earlier this week.
Svenson, who has 71,100 subscribers on YouTube, believes that Bitcoin may confirm a bullish trend based on the ascending broadening wedges pattern it has formed on the four-hour chart.
“The point that we just bounced off of here [around $40,300] is really starting to look like our confirmation bounce…
We’re probably at the end of this [ascending broadening wedges] pattern. We’ve gotten this bounce, we have so much positive news, the stock market’s up, people are starting to get optimistic again. And the bearish thesis is pretty much being completely crushed.
So, the part of the market, the market participants that have been holding on to their bearish bias for dear life are now going to have to start to flip and they’re going to have to start to buy at higher levels. And this is going to provide extra support, extra momentum as you can no longer deny what the narrative is now. So, all the silent people are going to probably start to pile in. And that’s going to send us up.”
According to Svenson, Bitcoin could experience a substantial price surge around Christmas or the New Year, indicating bullish trends.
As of now, Bitcoin is trading at $43,166, which is approximately a 5% increase over the last 24 hours.
Bitcoin has been surrounded by all kinds of juicy optimistic predictions these days.
The halving is just around the corner as you know, and among other reasons, this is one of the ones for which the king coin is thought to explode in price during 2024.
