A closely watched crypto strategist and trader is bullish on Bitcoin as we begin in 2022, highlighting two key catalysts that can ignite a BTC resurgence.
Crypto strategist Kevin Svenson tells his 82,000 Twitter followers that Bitcoin is expected to rebound as he believes pressure from the sell side is about to experience a significant decline.
“The tax collection is over.
The forced exchange sale in China ended.
The selling pressure is about to be reduced tenfold. Bitcoin’s recovery is underway.
According to Svenson, market participants who suffered losses this year are selling their Bitcoin holdings in an effort to lower their tax bills. The cryptocurrency trader adds that “tax collection” ended on December 31, noting that it could ease selling pressure.
Regarding the forced sale from China, Svenson is referring to the supply of BTC coming from the users of the Hong Kong-based crypto exchange Huobi. In late September, Huobi published a notice that it will withdraw mainland Chinese user accounts by December 31, 2021 to comply with local laws and regulations.
According to Svenson, the selling pressure coming from Chinese users converting their crypto to fiat will soon disappear.
“Selling pressure has increased before that ban as users in China look to sell cryptocurrencies and convert them to fiat before the December 31 deadline.”
“Huobi has a deadline of December 31, 2021” to remove existing China user accounts “
The selling pressure will soon disappear! #Bitcoin 📈
– Kevin Svenson (@KevinSvenson_) December 31, 2021
Looking at the long-term outlook for Bitcoin, Svenson says that BTC is trading within a large ascending triangle, indicating a very bullish market structure.
“In general, if you look at this graph, if you are a professional investor, you will see it as a positive graph. Ascending structure, higher lows, increased demand overall. Cryptocurrency retailers are too emotional because most have altcoins. Turn off the noise.
Source: Kevin Svenson / Twitter
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Leading Crypto Analyst Bullish On Bitcoin Entry 2022, Names Two Catalysts For BTC Recovery