Kevin Svenson, a notable crypto analyst, is bullish on Bitcoin, predicting a potential breakout to six figures based on technical indicators. He highlights an ascending triangle pattern and a recovering US stock market as factors contributing to his positive outlook. Bitcoin is currently trading at about $95,012.
Crypto analyst and trader Kevin Svenson has high hopes for Bitcoin (BTC), especially as the digital currency has seen a remarkable rise of over 15% in just the last month. He’s shared his analysis with his 82,800 YouTube followers, focusing on the Moving Average Convergence Divergence (MACD) indicator. This tool is widely recognised in the trading community for spotting shifts in market trends and investor sentiment, and Svenson suggests that Bitcoin bears are, quite frankly, losing steam on the weekly chart.
Diving deeper, Svenson points to what he calls an ascending triangle pattern on Bitcoin’s four-hour chart. Now, for those who may not know, this is considered a bullish pattern, one that gets confirmed when the price can break through the upper horizontal line with a noticeable spike in volume. If this plays out as he predicts, he’s eyeing a target price significantly pushing towards six figures for Bitcoin.
He speculates that a breakout could drive Bitcoin up towards $99,600. Should this scenario materialise, Svenson anticipates that Bitcoin may end up in a consolidation phase or a swing range settling between $90,000 and $100,000 before making further moves upwards. His overall approach to the market is decidedly bullish, as he paints a promising picture for Bitcoin’s imminent future.
One of the elements reinforcing his bullish perspective stems from the recent recovery in the US stock market. He mentions the S&P 500 index’s current status of breaching its downward trend line, which signals a positive shift in market conditions. According to Svenson, this renewed market sentiment is an encouraging sign that the mood is changing.
“When the stock market is bullish, that’s a good thing for crypto, too,” he remarks. This kind of optimism tends to boost speculation on assets that are typically viewed as high-risk, such as cryptocurrencies.
As it stands, Bitcoin is trading at around $95,012 right now. Investors and crypto enthusiasts should perhaps keep a close watch, as these market indicators could herald significant changes soon.
In closing, it’s worth noting that while these insights are compelling, they should not be seen as direct investment advice. Investors are reminded to carry out due diligence before making any high-risk investments involving Bitcoin or other digital assets. After all, trades and transfers carry their own risks and any potential losses lie with the investor.
