Crypto trader Kevin Svenson is feeling bullish about Bitcoin (BTC). He sees strong upward momentum in recent weeks.
Bitcoin’s Bullish Signals
Svenson, who boasts over 82,000 YouTube subscribers, points to several positive signs:
- Consistent upward movement: Bitcoin keeps climbing, with periods of sideways movement before resuming its ascent.
- Four-hour chart breakout: Bitcoin has broken through resistance on the four-hour chart.
- Positive indicators:
Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are showing bullish signals. These indicators help predict market trends.
Based on these signals, Svenson believes Bitcoin could hit $100,000.
A Word of Caution
Despite the optimism, Svenson cautions against complacency. He acknowledges the possibility of a correction (price drop) before Bitcoin continues its upward trajectory. He suggests a potential dip below $90,000 before another climb. The market, he reminds us, is always volatile.
At the time of writing, Bitcoin is trading around $97,067. Remember, this is not financial advice. Always do your own research before investing.