crypto enthusiasts! Kevin Svenson, the guy in the know about all things Bitcoin, just dropped a new video, and he’s not sugarcoating it. Brace yourselves because he’s sounding the alarm on a potential Bitcoin downturn before it dances back up to its glorious all-time high.
According to Svenson, who’s keeping a close eye on the charts and has a cool 71,200 YouTube buddies, Bitcoin is playing in the danger zone on the weekly chart. He’s all about that Relative Strength Index (RSI) indicator, and right now, it’s giving him some serious vibes.
Picture this: The weekly RSI is like a mood ring for Bitcoin, swinging between 0 and 100. Below 30 means it’s a bit oversold, and above 70? Well, that’s the overbought zone. And guess where Bitcoin is chilling right now? Yup, above 70.
Svenson breaks it down for us, saying, “If we can’t hold 70, that’s when you get these pullbacks. That’s when things start to come down heavily.” But hey, if Bitcoin keeps bouncing off that 70 mark, it’s like a power trend, and we should expect the good times to keep rolling.
Here’s the kicker – if Bitcoin fails to hold that 70 level, and it decides to take a nosedive below, that’s when Svenson sees trouble brewing. Get ready for some “ugly liquidations” – not the kind of party anyone wants to attend.
Svenson’s got his eyes on a tricky zone for Bitcoin, between $57,000 and $60,000. He thinks this could be a make-or-break moment. If there’s some ETF approval magic and the market is buzzing with bullish vibes, things could get top-heavy for Bitcoin.
“If we reach this zone without a correction beforehand, that’s where I would think we would probably see a flush before gearing up for the all-time high break. A final flush is always possible,” warns Svenson.
So, where’s Bitcoin at as we speak? It’s hanging out at $43,737. Keep your popcorn ready, folks – the crypto rollercoaster might just be getting started!
