Bitcoin on Cusp of Rallying Higher as One Indicator Turns Bullish, Says Kevin Svenson – But There’s a Catch
Analyst and trader Kevin Svenson is leaning bullish on Bitcoin ( BTC ) as the flagship crypto asset continues to hover above the $100,000 price.
Svenson tells his 81,000 YouTube subscribers that based on the Moving Average Convergence/Divergence (MACD) indicator on the daily time frame, Bitcoin could surge higher over the short term.
According to the analyst, Bitcoin could go up by around six percent from the current price based on the Fibonacci extension levels – a tool used to determine potential price targets based on the Fibonacci sequence of numbers.
“I want to bring your attention to the daily MACD histograms. And what we can see is that we are attempting a cross-up – the bulls may be regaining momentum fully in the very near future…
… the bears have now lost their momentum and the bulls are regaining momentum. We are crossing up right now on the daily. So if we do get this cross-up and we close with a confirmed cross-up, I do think Bitcoin may be able to actually break this channel line, this resistance line and punch up towards the 1.618 Fibonacci [extension level]. $111,600 is the next major target.”
Source: Kevin Svenson/YouTubeSvenson, however, says that Bitcoin “has a lot of room to move down” even amid a bullish trend.
“If you’re looking at this upward-sloping channel, in theory, Bitcoin’s price could come all the way down to $100,000 and still be in an uptrend. You can imagine if Bitcoin’s price… let’s say chopped sideways for a bit and then dipped to $100,000, people would be freaking out as they always do.
But you just look at the uptrend line – that is a perfect buy zone for Bitcoin that is a great support target and that would be a higher low in the midst of a major bull market. I think the outcome would end up being pretty positive regardless if we saw a slight dip to retest the channel line, the upward-sloping channel line. I think Bitcoin would do just fine from there and continue the bull run.”
Source: Kevin Svenson/YouTubeBitcoin is trading at $105,135 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
EU Commission approves Nvidia’s Run:ai acquisition
Share link:In this post: This followed a probe over competition concerns raised by Italian regulators. The EU Commission unconditionally approved the transaction. The Nvidia case is one of the many other probes into big tech firms’ acquisition of smaller companies.
SEC hits Jump Trading with $123m fine over TerraUSD scandal and Luna misconduct
Share link:In this post: SEC has fined Jump Trading $123 million over its role in the TerraUSD scandal. Tai Mo Shan agreed to settle the fine without admitting or refuting the charges. Jump Trading made more than $1 billion in profit in an arrangement with Terraform.
Shiba Inu advances DeFi strategy with Chainlink partnership
Chainlink's CCT standard allows Shiba Inu tokens to achieve interoperability and expand across 12 blockchains.
SEC Commissioner predicts early improvements for crypto ETFs under new leadership
Changes such as staking for Ethereum ETFs and in-kind redemptions for Bitcoin products will likely to happen early on, says Hester Peirce.