Kevin Svenson and bullish signals: Can Bitcoin break towards $60,000?

Crypto analyst Kevin Svenson is making waves again on social media with optimistic predictions about Bitcoin. Currently, BTC is trading around $42,161, reflecting a 0.9% decrease over the past seven days. However, Svenson identifies technical setups that could completely change this outlook in the coming weeks.

Key Resistance and Buying Opportunities

According to the expert, there is a very specific scenario that could trigger an explosive move. If Bitcoin manages to close the week above $44,000, it would be the first sign that buyers are regaining control of the market. From that level, Svenson anticipates an upward move that could surpass 40% relative to the current price.

This change in dynamics is crucial because it would mark the beginning of a more robust trend. The next critical level to watch would be $49,000. Breaking this barrier is fundamental to Svenson’s bullish thesis, as it suggests that buying forces have gained enough traction to generate larger movements in the market.

The $60,000 Target

If buyers manage to conquer the $49,000 resistance, Kevin Svenson believes Bitcoin would have a relatively clear path toward $60,000. Several catalysts could converge to accelerate this move: the continuation of the current rally, the upcoming Bitcoin halving, and institutional demand that continues to show appetite for digital assets.

The confluence of these technical and fundamental factors suggests that conditions could align for a parabolic move in the coming weeks.

Bearish Scenarios to Consider

Not everything is optimistic. Svenson also presents two alternative scenarios. The first considers a correction down to $42,000, where a strong resistance level of the channel exists. The second is more pessimistic: if Bitcoin fails to sustain its support levels, it could fall again to fill the volume gap located at $38,500.

Current Market Signals

Daily trading volume has decreased significantly, dropping from $26 billion to $14 billion. This contraction reflects some caution among investors, who are waiting for bullish confirmations before committing to larger positions. Everything depends on whether Bitcoin can maintain its current levels and start building a base for the next move.