A popular analyst and trader has expressed bullish sentiment on the flagship cryptocurrency Bitcoin ( BTC ).

Pseudonymous analyst Bluntz told his 222,900 Twitter followers that a Swing Failure Pattern (SFPS) is forming a downtrend on the daily charts of BTC and other top crypto assets.

A swing failure pattern that occurs during a downtrend usually indicates an upward reversal, or a downward reversal if the pattern occurs during a bullish run.

According to Bluntz, Bitcoin now looks set to rise after overcoming key resistance levels.

“A solid swing failure pattern has formed on the daily charts for BTC and most major currencies.

I don't think now is the time to cut it short, that was a few weeks ago.

I think we will bounce back here, but I will keep an eye on the next levels of resistance, which for me are $28,300 and $29,500. "

At the time of writing, Bitcoin was trading at $27,410, up about 6% from the May low of $25,811 hit at the end of last week.

Speaking of Litecoin (LTC), which is about to undergo its third halving event, the anonymous trader said that the 12th largest crypto asset by market capitalization has greater upside potential based on historical priorities.

“I think I agree with that, someone shared some data with me earlier about the [Litecoin] halving.

It looks like it might be in for a solid month – with 40 days of upside based on the last two halvings. This is a small data set, but still valuable in my opinion. "

At the time of writing, Litecoin is trading at $93.09, up more than 15% in the past seven days.