Bitcoin breakout is coming. Maybe not today, but someday, because Bitcoin might be gearing up for a climb.
Popular crypto analyst Kevin Svenson, the man with his finger on the pulse of BTC, is calling for a breakout that could shake things up big time.
Resistance is futile?
If you’ve been watching Bitcoin slog through its long-term downtrend since December last year, you’re probably wondering when it’ll snap out of it.
Well, Svenson says the wait might finally be over. In his latest YouTube strategy session, he explains that Bitcoin’s technical indicators are flashing some serious bullish vibes.
On both the four-hour and daily charts, he points out a convergence between the downtrend and uptrend lines. And guess what?
The Relative Strength Index, that trusty momentum gauge for spotting oversold and overbought conditions, is breaking above resistance.
According to Svenson, this could be the early signal of Bitcoin’s next big move. Sounds good!
Make a wish!
But wait, there’s more, as the Moving Average Convergence Divergence, or MACD, another favorite tool for tracking trends and buy/sell signals, is also backing the bulls.
Svenson says BTC is sitting right on resistance, and if momentum holds steady, we could see a breakout soon.
Svenson has spotted a bullish ascending triangle pattern on the three-day chart. If Bitcoin breaks out from this setup, he predicts it could climb by about 13%, landing somewhere around $98,000.
That’s not just wishful thinking, it’s based on solid technical analysis. Svenson explains that this potential move would essentially recover lost ground from Bitcoin’s massive crash earlier in the year.
Phoexix
What does this mean for the average trader or investor? Picture this, Bitcoin pulling off a U-shaped recovery like a phoenix rising from the ashes.
It’s about reclaiming confidence in the market after months of uncertainty. Svenson’s analysis suggests that BTC could be setting up for something big, but let’s not forget how unpredictable crypto can be.
Will Bitcoin hit $98K? Maybe even higher? Or will it fizzle out before liftoff? Well, no one knows, but if Svenson’s right, we’re in for one heck of a show!
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