Bitcoin (BTC) recently tried to break the $60,000 mark following lower-than-expected inflation figures but fell short. Renowned crypto analyst Kevin Svenson has shared his insights on market expectations and when Bitcoin might reach a new all-time high.
Bitcoin Analyst Commentary
In his latest analysis, Svenson highlighted that risks of further downturns still exist. BTC plummeted to $53,563, the lowest in five months, causing significant drops in altcoins as well. However, Svenson agrees with other experts that the market has likely bottomed out.
“I believe we have probably found the lowest level. We may see a sideways recovery before eventually hitting a new all-time high. Though this process might take months, it is evident that the long-term momentum is with the bulls,” Svenson stated.
According to him, the anticipated peaks in cryptocurrencies could take several months to materialize. Despite recent developments, BTC has not yet surpassed $60,000, which aligns with Svenson’s analysis.
BTC Predictions
Svenson pointed out a bullish divergence on the daily chart using two key indicators. The Relative Strength Index (RSI) and MACD suggest potential upward movements, signaling investors that a rise might be on the horizon. The current market outlook, as confirmed by Svenson, appears to show a recovery from recent dips.
“These indicators highlight a bullish divergence, especially when fear is at its peak. It’s intriguing that bullish signals emerge as people start losing hope. When RSI reaches oversold levels, we don’t linger there long. Historically, this often leads to a breakout,” Svenson commented.
Actionable Insights
– Monitor RSI and MACD for bullish divergence to anticipate market trends.
– Consider long-term positions as the market shows signs of bottoming out.
– Be prepared for potential volatility, acknowledging that the recovery might take months.
In conclusion, while Bitcoin’s recent attempts to break $60,000 have fallen short, analyst Kevin Svenson remains optimistic about a future rally. Investors are advised to keep an eye on key indicators for potential market moves.