It’s been just reported that an important crypto strategist is addressing an important shift in the trend that could be coming for Bitcoin this year. Check out the following reports in order to learn more details about all this.
Bitcoin price prediction
According to the latest reports, the crypto analyst Kevin Svenson said recently that a bullish macro shift is happening now for Bitcoin.
“We are now breaking the largest falling wedge in Bitcoin’s history. It stems back from 2021 to 2022 to 2023… We are starting to break out. We’ve got to, of course, get some daily and weekly closes above this trendline, but this could be a major paradigm shift for the price of Bitcoin. And really, the most interesting part about this is if you take the falling wedge measurement for the target and you bring it over to the breakout zone, it exceeds $50,000.”
He continued and said this:
“That’s just what the textbook says… The largest falling wedge in Bitcoin’s history has a target of $50,000.”
A falling wedge pattern is traditionally a bullish formation suggesting that a trend reversal as an asset prints a higher high in a downtrend after a confirmed breakout.
In a new YouTube video, Svenson highlighted the fact that he does not see a Bitcoin rally to $50,000 as something that could happen right away.
“It’s likely going to take Bitcoin a long time to get there and saying prices like $50,000 seem completely absurd to most people. But this is usually what Bitcoin does. It usually does the thing that you don’t think it’s going to do.”
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $22,759. Stay tuned for more news from the crypto space and make sure to keep your eyes on the crypto market.