Crypto analyst Kevin Svenson is saying that Bitcoin (BTC) has likely hit its bottom after a rough few months. He thinks the worst is over and that Bitcoin is ready to bounce back, but he warns that it could take months for Bitcoin to reach new all-time highs.
Bitcoin’s Bullish Signals
Svenson points to a few key indicators that suggest Bitcoin is in for a rebound. He says that Bitcoin is showing “bullish divergence” on two important technical indicators: the Relative Strength Index (RSI) and the Moving Average Convergence/Divergence (MACD).
This means that even though the price of Bitcoin has been dropping, these indicators are showing signs of strength, suggesting a potential turnaround.
Svenson also says that the daily RSI is showing that Bitcoin is in “oversold territory.” This means that the price has dropped significantly and is likely to bounce back up.
What’s Next for Bitcoin?
Svenson believes that Bitcoin is in a good position to recover and potentially break its previous all-time high. However, he cautions that it could take months for this to happen.
He says that even though Bitcoin is showing positive signs, it’s important to remember that the market is still volatile. He encourages investors to do their research and make informed decisions before investing in Bitcoin or any other cryptocurrency.
