Bitcoin Poised for Bullish Momentum Reversal, Analyst Predicts
A well-known analyst believes that Bitcoin (BTC) is on the verge of ending its current correction and experiencing another upward movement. In a recent video update, crypto strategist Kevin Svenson suggests that Bitcoin could undergo a momentum shift after displaying a bullish technical pattern on the lower time frame.
Svenson highlights that Bitcoin has the potential to form a higher low at $64,800, creating an inverse head and shoulders pattern. This formation typically indicates a trend reversal and increased demand, often signaling a bullish reversal.
Observing BTC successfully retesting diagonal resistance as support, Svenson predicts that the cryptocurrency will rally above $76,000. He also points out that the moving average convergence divergence (MACD), a momentum indicator, is showing a bullish signal.
Svenson previously stated that Bitcoin is in the midst of a parabolic rally that could potentially push its price to $90,000. He also expects a surge in volatility once BTC reaches this target.
As of now, Bitcoin is valued at $67,143, having risen by 4.46% in the past day.
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The post Bitcoin (BTC) in a Position To Witness Bullish Momentum Reversal, According to Analyst – Here’s His Forecast appeared first on The Daily Hodl.
Hot Take: Analyst Predicts Bitcoin’s Bullish Momentum
A closely followed analyst predicts that Bitcoin is about to undergo a bullish momentum reversal, potentially signaling another leg up for the cryptocurrency. Kevin Svenson, a well-known crypto strategist, believes that Bitcoin may experience a shift in momentum after forming an inverse head and shoulders pattern on the four-hour chart. This pattern suggests a trend reversal and increased demand in the short term.
Svenson points out that Bitcoin has successfully retested diagonal resistance as support, indicating a potential rally above $76,000. He also highlights the bullish signal from the moving average convergence divergence (MACD) indicator.
If Svenson’s predictions hold true, Bitcoin could continue its parabolic rally and reach as high as $90,000. However, he also expects increased volatility once BTC reaches this price target.
Currently valued at $67,143, Bitcoin has seen a 4.46% increase in the past day.
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Generated Image: DALLE-3
The post Bitcoin (BTC) in a Position To Witness Bullish Momentum Reversal, According to Analyst – Here’s His Forecast appeared first on The Daily Hodl.
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