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Crypto strategist and trader predicts the continuation of the rise of bitcoin (BTC) in the coming weeks, which will alternate with sharp declines.
Analyst Kevin Swenson believes that the BTC rally, which occurred after nine consecutive red candles on the weekly chart, will be protracted.
After closing, we begin to notice bullish speculation. And we see it on the four-hour chart. Bitcoin is trying to overcome resistance.
Swenson’s prediction of Bitcoin’s rebound is based on his thesis that earlier this month, BTC formed a time bottom of around $26,700.
Looking at this 2021 low [$ 29 000], it can be assumed that Bitcoin is unlikely to go lower. We haven’t explored this area yet. [$ 25 000]which makes me think it’s the bottom [$ 26 700] with this weekly volume can act as a long-term support area.
According to the cryptanalyst, the rally could push bitcoin toward its immediate diagonal resistance.
Bitcoin is on the verge of a bullish rebound to retest the downward resistance.
At the same time, the expert notes that BTC is ready to rise higher, however, after reaching the goal, it is likely to resume the downward trend.
Bear markets create fantastic shopping areas. In both directions. You have to be agnostic and impartial. Sharp rallies can be powerful!!!
We can reach goals like $37,000 and fall down again… but so far everything looks beautiful and green.
#expert #expects #growth #bitcoin #rapid #rally
