A closely followed trader believes that a deep Bitcoin (BTC) will set the stage for the crypto king to witness exponential gains in the coming months.
Analyst Kevin Svenson tells his 130,500 followers on the social media platform X that a retest of Bitcoin’s previous resistance at $31,000 into support would be long-term bullish for BTC.
According to Svenson, the correction would set up BTC for a sustainable rally next year.
“Bitcoin – Retesting Breakout Zone (Scenario):
Contrary to what you might think, the chart depiction below represents one of the best-case scenarios.
It allows indicators to reset, generates constructive price action, and sets the stage for a strong launch into 2024…
What is this chart really saying? It’s saying uptrend and bullish into 2024.