Crypto analyst Kevin Svenson is predicting a potential Bitcoin price surge. He’s basing this prediction on a technical indicator called the Moving Average Convergence Divergence (MACD).
A Bullish Signal?
Svenson, who boasts a large YouTube following, points to a bullish MACD signal on Bitcoin’s daily chart. He believes this indicates Bitcoin could climb about six percent, potentially reaching $111,600 based on Fibonacci extension levels. He explains that the bears are losing momentum, and the bulls are gaining it, leading to a potential breakout.
But There’s a Catch
Despite this positive outlook, Svenson cautions that Bitcoin could still drop significantly. He notes that even a dip to $100,000 would still be within a broader uptrend. He sees such a dip as a potential buying opportunity, creating a “higher low” in a larger bull market. Essentially, he believes a short-term dip wouldn’t necessarily derail the overall bullish trend.
Current Price and Disclaimer
At the time of writing, Bitcoin is trading around $105,135. Remember, this is just one analyst’s opinion. Always do your own research before investing in cryptocurrencies. Investing in crypto is risky, and you could lose money.
