Analyst and trader Kevin Svenson, Bitcoin 
$62,753He expresses his positive views on (BTC) entering the bull market. Svenson states that Bitcoin, the leading asset in the cryptocurrency market, is on the rise by breaking the bullish reversal structure.
Falling Wedge Formation
In his video shared with YouTube subscribers, Svenson stated that Bitcoin created a falling wedge formation on the four-hour chart. Falling wedge formation is seen as a harbinger of an upward movement as the selling pressure decreases.
Completion of the formation indicates that a local bottom may be formed for Bitcoin. “As long as the stock market remains stable, I think Bitcoin is close to completing this formation,” Svenson said. Maybe we can fall a little more. “But in theory, if we consider this level low, we could see Bitcoin see a nice bounce to recover from this range,” he said.
Support and Target Levels
At the time of writing, Bitcoin is trading at $62,718, indicating that it has broken the falling wedge formation. Svenson notes that Bitcoin should continue to make higher lows on the daily timeframe. He stated that if a critical level is broken, a new sales wave may be triggered:
“The lowest Bitcoin level I would like to see is around $57,000. We can still break this trend line, but if we break down, things get a little dangerous. Because this could cause the price to return to previous levels before experiencing a major decline again.”
The trader predicts that Bitcoin trading above $62,000 will confirm the recovery, with his target price just below $90,000.
Bitcoin’s current rise may continue provided market dynamics are not negatively affected. It is important for investors to carefully monitor the completion phase of the formation and possible support levels.
Recent analysis shows that Bitcoin may continue to gain value if technical indicators show positive signals. However, due to high market volatility, investors are advised to be cautious.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
