The crypto market has been making massive efforts to get back on track following the latest crypto crash we’ve all witnessed not too long ago. Check out the latest predicitons about the king coin below.
Bitcoin optimistic prediciotns
At the moment of writing this article, Bitcoin is trading in the red and the king coin is currently priced at $31,546.
A closely tracked crypto strategist and trader predicted a strong Bitcoin (BTC) bounce in the coming weeks.
In a new strategy session, analyst Kevin Svenson said that a BTC rally is likely incoming after the top crypto asset by market cap printed nine consecutive red candles on the weekly chart.
“But after that close, we are starting to see a little bit of bullish speculation. We’re starting to see that on the four-hour chart. Bitcoin is coming up and seemingly looking to break out [of] resistance here.”
Svenson’s prediction of a Bitcoin bounce is based on his thesis that BTC has at least printed a temporary bottom. This happened earlier this month at around $26,700.
“Looking at that 2021 low point [$29,000], Bitcoin has barely even tested below.”
He continued and said the following:
“We have not explored this downside region [$25,000] yet, which makes me think that yes, this bottom [$26,700] with this weekly volume signature could be acting as a long-term base of support or at least will act as strong support.”
The analyst also made sure to highlight the fact that the rally can push Bitcoin toward its immediate diagonal resistance.
“Bitcoin may be on the verge of a bullish rebound to retest the downward sloping resistance.”
Bitcoin is close to a cycle bottom
Earlier today, we revealed that there is one metric that indicates Bitcoin (BTC) gets close to the end of its “cyclic bottom,” according to Ki Young Ju who is the chief executive of the on-chain platform CryptoQuant.
Unspent transaction output (UTXO) age bands are “a set of all active supplies that were last moved within a specified age band.”