Crypto analyst Kevin Svenson says Bitcoin (BTC) is at a make-or-break moment. His analysis suggests the cryptocurrency’s price could swing wildly in the coming weeks and months.
A Critical Juncture for Bitcoin
Svenson, who boasts over 80,000 YouTube subscribers, points out that Bitcoin is currently hovering just above a key trendline from early 2023. He explains that Bitcoin can’t stay stagnant for long; it needs to either break upwards or downwards. This, he says, is a “close call.”
“It’s either going to hold here and start trending upward, or it’s going to break the trendline,” Svenson explains. A downward break could send Bitcoin plummeting to levels last seen in November.
Two Scenarios: Bullish or Bearish?
Svenson outlines two potential scenarios:
Bearish Scenario:
If Bitcoin fails to hold its position, a drop to the high $60,000s is possible. He suggests this could lead to a period of sideways trading, or an “accumulation zone,” before any significant price movement.
Bullish Scenario:
If Bitcoin breaks upwards, Svenson believes there’s considerable upside potential. He cites the weekly Relative Strength Index (RSI) as an indicator, suggesting Bitcoin could test overbought levels before a pullback. This, he says, points to significant gains before any market correction.
Currently, Bitcoin is trading around $82,900. Svenson’s analysis emphasizes the high stakes involved in Bitcoin’s current price action.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions./p>