Analyst Kevin Svenson’s Bitcoin Outlook

Analyst Kevin Svenson shares his perspective on Bitcoin (BTC) as it remains 24% below its all-time high.

In a recent strategy session, Svenson tells his 82,800 YouTube subscribers that Bitcoin is at a critical juncture that could shape its price direction in the coming weeks and months.

According to Svenson, Bitcoin is just above a parabolic trend that began in early 2023, and the next movement in this flagship digital asset will be crucial.

> “We are currently just above it [parabolic trend line]. But it’s getting a pretty close call here. Bitcoin can’t spend too much time going sideways. And it also can’t spend really any time on the weekly [time frame] going down, without breaking the parabolic trend.”
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> “So this is pretty much the last leg – it’s either going to hold here and start to trend upward, or it’s going to end up turning into something else. Maybe a sideways low.”

Svenson warns that if Bitcoin trends downward instead of upward, it may revert to levels last seen in November.

> “The other option is that we just break down and go into, maybe the high $60,000s.”

He notes signs indicating a potential market lull where Bitcoin might trade sideways before moving into an accumulation zone.

Bitcoin is trading at $82,900 at the time of writing.

Svenson believes that if the bulls win, Bitcoin has significant upside potential, as indicated by the weekly Relative Strength Index (RSI), which analyzes overbought and oversold conditions.

> “If Bitcoin plays out a bullish scenario, whether we go up sooner or accumulate for longer, and we run up to a new all-time high, it’s likely that the weekly RSI would actually be at a lower high. Basically testing the overbought zone before pulling back.”
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> “And it’s possible that that would be the cycle high. So I do see that Bitcoin could test the overbought levels on the weekly, which means there’s quite a lot of upside to play out before the market gets totally overheated.”

Source: Kevin Svenson/ YouTube