Bitcoin Analyst Kevin Svenson Remains Bullish on BTC Despite Correction
As Bitcoin experiences a 23% decline from its all-time high in January, analyst and trader Kevin Svenson maintains his bullish stance on the flagship cryptocurrency. In a recent strategy session with his YouTube followers, Svenson highlighted two key indicators – the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) – that suggest Bitcoin is poised for further upside potential after a period of sideways trading.
Technical Analysis Signals Positive Momentum
The RSI indicator, used to identify oversold or overbought conditions, along with the MACD, which analyzes price trends and momentum direction, are showing promising signs according to Svenson. He notes that the MACD on the weekly chart indicates a weakening bearish momentum, while the RSI is holding steady, suggesting a period of sideways price action before a potential recovery to new all-time highs.
“I’m still expecting new all-time highs in this cycle. Nothing’s changed in that perspective.”
Potential for Further Downside Before Recovery
Despite the positive indicators, Svenson cautions that Bitcoin may not be completely out of the woods yet. He suggests that a final flush could occur before a full recovery, with the possibility of testing lower levels before rallying.
“Bitcoin plays out that type of wacky price action all the time… if we were to play out kind of like a final flush into a slightly lower low, this scenario wouldn’t surprise me.”
At the time of writing, Bitcoin is trading at $83,586.
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