Bitcoin Poised to Rally to $90,000, Says Analyst 🚀
Analyst Kevin Svenson believes the recent correction has solidified the final base of Bitcoin’s parabolic ascent. According to Svenson, Bitcoin may have just completed base four of its pattern, indicating a potential rally to $90,000. Here’s a breakdown of his outlook:
Bitcoin Shows Bullish Signs 📈
- Svenson points out that two momentum indicators have turned bullish for Bitcoin:
- Bitcoin’s MACD and RSI indicators on the daily chart are now in favor of BTC bulls.
- Positive indicators include:
- First positive MACD in over 50 days.
- Bitcoin broke above the 65+ day RSI downtrend.
- Svenson emphasizes that the picture is shifting.
Bitcoin Bull Market Could Extend Beyond $90,000 🌐
Svenson asserts that Bitcoin’s bull market will not necessarily end at $90,000. According to him:
- There could be more action after $90,000.
- The Bitcoin halving just occurred, signaling early stages of the cycle.
- Anticipates a major correction post $90,000, but remains optimistic about future prospects.
As of now, Bitcoin is trading at $63,711.
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Hot Take: Bitcoin’s Bullish Momentum ✨
Bitcoin’s path to $90,000 seems clearer than ever, with indicators favoring bullish outcomes. Keep an eye on Bitcoin’s journey as it continues to defy expectations in the crypto market.
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