Analyst and trader Kevin Svenson remains optimistic about the future of Bitcoin (BTC) as the leading cryptocurrency stays above the $100,000 mark. With a strong following of 81,000 subscribers on YouTube, Svenson recently shared his insights on the potential bullish trend for Bitcoin.
Svenson highlighted the Moving Average Convergence/Divergence (MACD) indicator on the daily chart, suggesting that Bitcoin could experience a surge in the short term. Based on Fibonacci extension levels, he predicts a potential six percent increase in Bitcoin’s price from its current position.
In his analysis, Svenson pointed out the daily MACD histograms and the possibility of a cross-up, indicating a shift in momentum from bears to bulls. He emphasized the importance of a confirmed cross-up, which could propel Bitcoin towards the next major target of $111,600 according to the 1.618 Fibonacci extension level.
Despite his bullish stance, Svenson acknowledged that Bitcoin still has room for a downward movement within an upward-sloping channel. He mentioned the possibility of a price correction to $100,000, which could serve as a strong support level and a buying opportunity for investors. In his view, such a dip would not disrupt the overall bullish trend of Bitcoin and could potentially lead to a continuation of the current bull run.
At the time of writing, Bitcoin is trading at $105,135, reflecting a positive outlook for the cryptocurrency. Svenson’s analysis provides valuable insights for traders and investors looking to navigate the volatile crypto market.
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As the crypto market continues to evolve, it’s essential to stay informed and make well-informed decisions. With expert analysis from traders like Kevin Svenson, investors can navigate the market with confidence and seize opportunities for growth. Keep an eye on Bitcoin’s price movements and be prepared for potential shifts in the market.