A closely watched analyst said he expects Bitcoin (BTC) to end its current correction and witness further gains soon.
In a new video update, crypto strategist Kevin Svenson tells his 74,100 YouTube subscribers that Bitcoin could see a change in momentum after recording a bullish technical pattern on the lower time frame. Told.
“Bitcoin is in a position on the 4-hour chart that could lead to further lows.” [at $64,800]This is an inverted head and shoulders and would indicate a reversal of momentum, increased demand, and trend reversal in the short term. ”
Traders often focus on the inverted head-and-shoulders pattern because it often suggests a bullish reversal is imminent.
With BTC successfully retesting the diagonal resistance level as support, Svensson now predicts a rally above $76,000. He also pointed out that the momentum indicator Moving Average Convergence Divergence (MACD) is sending bullish signals.
“Bitcoin’s daily closing price is bullish. It closed above the resistance trend.
The MACD histogram is starting to show that positive momentum is returning. ”
Svensson previously said that Bitcoin is in the midst of a parabolic rally and that Bitcoin could rise to $90,000. He also said that once Bitcoin reaches its target price, Bitcoin's volatility is likely to increase significantly.
At the time of this writing, Bitcoin's value was $67,143, up 4.46% in the past day.
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