Based

Bitcoin ETF

Kevin

Bitcoin

Arkham

<div class="cryptonews">
 <p class="is-style-lead">Popular crypto <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> Kevin Svenson suggests that Bitcoin (BTC) might soon break the $70,000 barrier, backed by data-driven insights and pivotal market shifts.</p>
 <p>As Bitcoin enthusiasts closely monitor market trends and price movements, Kevin Svenson, a respected crypto analyst, has set the stage for an exciting turn of events. He has predicted that Bitcoin’s value could soar to $70,000, contingent upon certain key developments.&nbsp;</p>
 <p>Svenson’s analysis is based on a crucial resistance level of $32,000. In a new YouTube video, he highlighted that if this resistance transforms into a solid support base, it could initiate a substantial uptick in Bitcoin’s price. Potentially, it can result in an impressive 130% increase from its current value.</p>
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  <div class="wp-block-embed__wrapper"><iframe title="#BITCOIN FLASHES KEY SIGNAL   BULLISH?!?!" width="1020" height="574" src="https://www.youtube.com/embed/86GkdCJe1QQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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 <p>According to Svenson, this support transformation is pivotal.</p>
 <blockquote class="wp-block-quote">
  <p>“Once we do get above that $32,000 on that resistance and we flip it and confirm it as support, that’s likely going to usher in a huge push towards the all-time high of slightly over $69,000.”</p> <cite>Crypto analyst Kevin Svenson</cite>
 </blockquote>
 <p>Moreover, Svenson anticipates an increase in Bitcoin’s price volatility following the establishing of $32,000 as a support level.</p>
 <p>“The swings will likely start to become more rapid,” he asserted, emphasizing that even if Bitcoin doesn’t immediately breach its all-time high, we should anticipate significant <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> fluctuations, particularly around the $32,000 mark.</p>
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   <img decoding="async" width="1420" height="792" src="https://cdn.thebittimes.com/images/2023/10/23/a4d5ff7939f8ba257fc7e1f928168d90.webp" alt="Bitcoin price in 7 days | Source: CoinMarketCap"> 
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   Bitcoin price in 7 days | Source: CoinMarketCap
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 <h2 class="wp-block-heading" id="spot-bitcoin-etf-approval">Spot Bitcoin ETF approval</h2>
 <p>If Svenson’s analysis holds, the cryptocurrency market could soon witness Bitcoin breaking past the $70,000 threshold. However, he doesn’t base his forecast solely on market patterns. He also draws attention to the potential approval of a spot Bitcoin ETF (exchange-traded fund).</p>
 <div class="cn-block-related-link">
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 </div>
 <p>Svenson reminds us that Bitcoin has a knack for surprising the market.</p>
 <blockquote class="wp-block-quote">
  <p>“If that does happen and we break above $32,000, just get ready for people to be surprised. Because I think a lot of people tend to forget, you know, after this boring sideways range of $25,000 to $32,000, people always forget that Bitcoin loves to surprise us.”</p> <cite>Crypto analyst Kevin Svenson</cite>
 </blockquote>
 <h2 class="wp-block-heading" id="alternate-predictions-on-bitcoin-price">Alternate predictions on Bitcoin price</h2>
 <p>Crypto <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> Jason Pizzino has provided an <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> of Bitcoin’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> cycles. Based on historical market patterns, he suggests that Bitcoin could reach $42,000 by mid-2024.</p>
 <p>Pizzino’s model involves Bitcoin’s current position, around $29,950, and the bull market cycle, which began in November 2021. Drawing on past cycles, he estimates that Bitcoin generally reaches the 50% retracement level of the preceding bear market around the 17-19 month mark.</p>
 <div class="cn-block-related-link">
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Bitcoin options traders make $300m bet on long-term performance
 </div>
 <h2 class="wp-block-heading" id="coinbase-s-massive-bitcoin-stash">Coinbase’s massive Bitcoin stash</h2>
 <p>In other news, recent data reveals that Coinbase holds a remarkable $25 billion worth of Bitcoin. This constitutes nearly 5% of the total supply of this popular digital currency. The revelation comes from Arkham Intel, a blockchain intelligence platform.</p>
 <p>This revelation is significant because it positions Coinbase as one of the largest Bitcoin holders globally, owning nearly 1 million Bitcoins, a substantial sum valued at over $25 billion based on current market rates.&nbsp;</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bitcoin price breaks above $30,000 mark
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-to-hit-70k-soon-analyst-predicts-tbt67354.html">https://thebittimes.com/bitcoin-price-to-hit-70k-soon-analyst-predicts-tbt67354.html</a></p>

Bitcoin price to hit $70k soon, analyst predicts

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