Bitcoin To Turn Bullish And Hit New ATH; But When?

According to the latest predictions, it seems that Bitcoin is about to turn bullish and hit a new ATH soon. Here are more details about when this will happen.

According to a crypto strategist, Bitcoin (BTC) is predicted to surge towards a new all-time high once a crucial level is broken.

In a recent strategy session video, Kevin Svenson, a crypto analyst with 70,600 YouTube subscribers, states that if Bitcoin can turn a key 2021 price level into support, it will likely initiate a massive bull run.

Svenson emphasizes the importance of breaking and confirming the major support zone, which lies between approximately $29,000 and $32,000.

Until this is accomplished, the market remains in a gray area and is currently experiencing sideways movement. However, once the new support level is established, Svenson becomes extremely confident in the market and anticipates a trend towards new all-time highs to occur.

This is because the accumulation zone will have been surpassed, and the game will be on.

According to an analyst, Bitcoin could become bearish if the market loses momentum beyond his expectations. Currently, the market is not showing any clear direction, with no discernible trend.

This is a shift from before, where it was easy to predict that the price would increase after every pullback. However, now that the trendline has been broken, sentiment has been damaged, and there is a lack of momentum and interest.

If Bitcoin rallies to $30,000 level and faces resistance, creating a lower high, this could signal a decrease in momentum, also known as a head and shoulders pattern.

This pattern is characterized by a high, slightly higher high, and slightly lower high, indicating a drop in momentum. If the stock market becomes more bearish, this pattern could occur. At the time of writing, Bitcoin is trading at $27,308, down by 2.5% in the past 24 hours.