Bitcoin’s Journey to All-Time High Recovery: Analyst Kevin Svenson’s Projections
Cryptocurrency analyst Kevin Svenson asserts that Bitcoin (BTC) has likely hit its bottom around the recent low of $53,563, indicating minimal downside risk from here.
Speaking to his YouTube audience of 78,700 subscribers, Svenson predicts a sideways recovery phase before potentially breaking into a new all-time high, a process he believes could span several months. Currently trading at $58,520, Bitcoin shows bullish signs on daily charts with bullish divergence noted on both the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) indicators.
Svenson highlights that such divergence often precedes upward reversals, coinciding interestingly with heightened market fear. He also notes the daily RSI’s oversold status, historically indicative of imminent price rebounds following brief periods at this level.
Clever Robot News Desk 13rd July 2024
