Crypto analyst Kevin Svenson is predicting big things for Bitcoin (BTC). He’s seeing some strong bullish signals and thinks the price could hit six figures soon.
Bullish Signals Point to Bitcoin’s Rise
Svenson, who boasts over 82,000 YouTube subscribers, points to several factors supporting his bullish outlook. His analysis includes:
- MACD Indicator: This technical indicator suggests Bitcoin’s bearish momentum is weakening on the weekly chart.
- Ascending Triangle Pattern: On the four-hour chart, Bitcoin is forming an ascending triangle, a classic bullish pattern. A breakout above the upper trendline, accompanied by increased trading volume, would confirm this pattern.
Based on this pattern, Svenson predicts a Bitcoin price surge.
Svenson’s Price Target and Market Outlook
Svenson’s bullish prediction points to a Bitcoin price target of around $99,600 upon a breakout. He anticipates a period of consolidation between $90,000 and $100,000 following this surge before further price increases.
He connects his bullish Bitcoin outlook to the broader market:
- Stock Market Recovery: Svenson highlights the recent recovery in the US stock market (specifically the S&P 500 breaking a downward trendline) as a positive sign for Bitcoin. He believes a bullish stock market boosts investor confidence in riskier assets like cryptocurrencies.
Disclaimer
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies. Investing in crypto is risky, and you could lose money.
