Crypto trader and analyst Kevin Svenson has shared his thoughts on Bitcoin’s potential price movement, suggesting a path to a potential bullish recovery.
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Svenson pointed out that for Bitcoin to regain upward momentum, it needs to break through a key resistance level and close above $90,000. In his latest video, Svenson explained that Bitcoin’s immediate goal is to close above a critical support line on the weekly chart, ideally around $87,500. He emphasized that a strong close above $90,000, which has previously served as a key bounce point, would be a strong bullish signal for the market.
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However, he cautioned that if Bitcoin fails to rise and hold above the $90,000 threshold, it could indicate weakening demand, signaling a potential breakdown of the upward trend.
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SEC Clarifies Memecoins Not Classified as Securities Svenson also speculated on Bitcoin’s future price behavior, suggesting that the cryptocurrency might experience a period of sideways movement, similar to a previous market rebound seen in August. He noted that while this may cause some market skepticism, he remains optimistic that Bitcoin will continue its upward trajectory over time.
