Crypto analyst Kevin Swenson argues that a bullish pattern is forming on the Bitcoin chart. According to Svenson, this pattern can be roughly divided into three phases: “basement”, “first floor” and “roof”, writes RBC Crypto.
In June of this year, when bitcoin dropped to $ 28.8 thousand, it is in the “basement” phase, the analyst explained.
At the moment, the first cryptocurrency, according to Svenson, is in the “ground floor” phase. In the coming months, the asset is able to enter the “roof” phase, within which it can rise in price to $ 200 thousand, the analyst predicted.
On December 14, Bitcoin is trading at $ 46.9 thousand.Over the last 24 hours, the cryptocurrency has fallen in price by almost 5%, and its capitalization has decreased to $ 881 billion, according to CoinGecko. On December 4, the price of bitcoin per day fell by more than 20%, to $ 42 thousand.On November 10, the asset updated its historical maximum above $ 69 thousand.
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I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.