Analyst Kevin Svenson Remains Bullish on Bitcoin

Analyst and trader Kevin Svenson expresses optimism about Bitcoin (BTC) despite a recent decline of around 23% from its all-time high in January.

In a strategy session for his 82,800 YouTube subscribers, Svenson highlights two indicators: the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). Both suggest that Bitcoin is set for an upward trend after a phase of sideways trading.

The RSI is a momentum oscillator that indicates oversold or overbought conditions, while the MACD helps analyze price trends and momentum direction to identify entry or exit points.

> “The MACD on the weekly shows that bears are losing momentum and we’re holding that RSI support. I’m expecting general sideways action with potential higher highs and lower lows before recovering to new all-time highs.”

Although Svenson remains optimistic, he cautions that Bitcoin is not “totally out of the woods” and could drop further before rallying.

> “There’s a possibility the market could see a final flush before recovering. A test down to the low $70,000s wouldn’t surprise me before we head to the $90,000 range and then fully recover.”

As of now, Bitcoin is trading at $83,586.