Analyst Kevin Svenson Predicts 6-Digits BTC Based On An Equities Pattern
According to Kevin Svenson, a crypto market analyst and trader, Bitcoin is heading to a six-figure rally assuming that it follows a pattern in the equities market.
Back in June this year, Svenson initially suggested that Bitcoin that was fight to hold $30K level would follow the three peaks and a domed house pattern.
Back then, the analyst argued that Bitcoin was setting up a bear trap as BTC was forming the basement of the famous chart structure first identified by George Lindsay in 1970 while navigating the Dow Jones Industrial Index (DJIA).
“George Lindsay says the basement is essentially a bear trap… So it would actually be a good bear trap if we did actually continue with a move up to the first floor and that would mean over the next month or two, we would expect a move back up toward the $50,000 to $60,000 to form our first floor. And this could potentially lead us to into a final mania phase all the way up to the $200,000 level.”
Now, the analyst took it again to YouTube and shared with his 64,900 subscribers that Bitcoin is now out of the ‘basement’ and is currently at the ‘first floor’ of the structure, still waiting to rise to ‘roof’ of the structure that is higher than the three peaks and first floor.
“In all of the schematics, in all of the writings in literature from George Lindsay and Bulkowski, all show that the roof, the structure at 22 to 24… those support levels are coming in above the three peaks and above the first floor. The entire structure of the roof is happening above the three peaks and above the first floor.
So we don’t have that. You’re looking at Bitcoin here, we don’t actually really have any structure, any support bounces that took place along the previous three peaks.
And also if you’re looking at the schematic, the first floor is supposed to be along the previous three peaks. So if anything, we’re at the first floor right now.”
According to Svenson BTC will keep trading at the ‘first floor’ range in the coming months before launching a massive rally to the ‘roof’ level during next year.
