Cryptocurrency analyst Kevin Svenson believes Bitcoin (BTC) is poised for a bullish reversal.
Technical Indicators Suggest Momentum Shift
Svenson points to a bullish technical pattern known as an inverse head and shoulders on Bitcoin’s four-hour chart. This pattern often indicates a trend reversal and increased demand.
MACD Confirms Bullish Signal
The moving average convergence divergence (MACD), a momentum indicator, is also flashing a bullish signal. Svenson believes this suggests a return to positive momentum.
Price Target of $76,000
Based on these indicators, Svenson predicts a rally above $76,000 for Bitcoin. He previously predicted a parabolic rally that could take BTC to $90,000.
Volatility Expected
Svenson warns that Bitcoin may experience increased volatility once it reaches his price target.
Current Price and Performance
At the time of writing, Bitcoin is trading at $67,143, up 4.46% in the past 24 hours.
