Bitcoin’s Improbable Bounce: Traders, Get Ready for the Ride!

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Alright, so here’s Kevin Svenson – the crypto soothsayer – giving his two cents on Bitcoin. Apparently, BTC is hanging about 25% under its all-time high. I mean, really? Who knew numbers could be so dramatic? 🤷‍♂️

He tells his 82,800 YouTube followers that, on a monthly chart, Bitcoin still looks bullish after a major support zone held up. So now, it’s like the market is saying, “Hey, I got your back!” But come on… can a chart really be your best friend?

Then he drops the bomb: future price moves might be as unpredictable as my last family dinner – all thanks to US tariffs on global trading partners. Yes, tariffs! Because obviously, that’s what we all talk about at parties. 🙄

“Bitcoin just touched the 2024 highs as a support…”

“…if we’re going to hold that support level, Bitcoin is in the very long term still maintaining textbook uptrend structure. Previous resistance, new support. It’s pretty basic and pretty straightforward.”

Okay, so if you miss the memo: new support equals a neat uptrend. Wow, elementary school math, right?

“…we’re going to continue to see a lot of tensions, a lot of news that will shake up the market. So I expect this cycle to be less straightforward than most other cycles. I think it’s going to be a trader’s market.”

So, according to Kevin, get ready for a rollercoaster filled with tensions, drama, and enough volatility to make your head spin. It’s basically the crypto version of a reality TV show – minus the bad lighting. 😂

He goes on to predict that after a double-digit correction (yeah, percentages, folks), Bitcoin might bounce up by about 23%. I mean, really? That’s the kind of optimism that gets you excited and a little nervous at the same time.

“I think the Bitcoin market has had a healthy retrace – 30% is standard for Bitcoin, no problem. We’ve seen that plenty of other cycles in the middle of a bull market. So taking it one trend at a time here, we’re probably going to get a recovery bounce at the very least.

At the very minimum, I’m looking for a recovery bounce up above $100,000…

…And from there we’ll see. Maybe we continue after that. Depends on what the global markets are doing.”

So, in Kevin’s utterly reassuring words, after a 30% retrace (which is just how Bitcoin rolls), we might just see it rally past $100K. Or not. I mean, who really knows with global markets doing their own crazy dance? 🤷‍♂️

At the time of writing, Bitcoin is chilling at $81,550. Cheery, isn’t it?

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2025-04-11 12:22