25 February, 2024

Bitcoin Surges Despite the Prevailing Financial Turmoil

10 months ago

21 Nov, 2023

The crypto market analyst Kevin Svenson shared insights on the growing significance of the cryptocurrency Bitcoin. The cryptocurrency has created a higher low after going down to lower time frames such as the four-hour chart. Bitcoin was coming up to resistance and broke through, followed by a 10 pump, a 10 dump, a sideways action dump, and recovery. This higher low is important to maintaining the parabolic trend that Bitcoin has been in for months. 

The demand for Bitcoin is increasing, which can be seen from the fact that JP Morgan and First Republic are sharing the loan losses, and the banking stock sector is currently down. This is another reason for people to be their own bank, which results in Bitcoin being bought up, leading to higher lows and an increase in demand. If the trend fails to hold support at 27,000 dollars, a very swift move to the weekly Kindle closed zone of 24,200 dollars is possible.

However, there is reason to be bullish on the cryptocurrency market, as the higher low is putting Bitcoin right into a parabola that has been forming for months. This parabolic curve could create the next major impulse up towards 48,000 dollars, which is the next step for the market. 

This may seem like a crazy target, but this is something that Bitcoin has done routinely, as shown in 2019. The target is the first lower high as the bear market began, which was about 11,500 dollars. The more likely target is 48,000 dollars, which is the area of interest for the writer. This is a 65% move from the current price and is a tremendous opportunity if it does play out.

Bitcoin dominance is likely to break out on this next run, and this is where altcoins will begin to see significant moves after that run. This is the same pattern that occurred in 2019, where altcoins saw significant moves after the final run for Bitcoin dominance. Bitcoin dominance will see one final blow-off top before trending down, which will cause altcoins to rise.