Big things happening soon for Bitcoin (BTC), according to popular crypto trader – here’s why
A popular crypto strategist and trader says a potential shift that could end Bitcoin’s (BTC) multi-month downtrend is on the horizon.
Crypto analyst Kevin Svenson tells his 69,200 YouTube subscribers that Bitcoin is on the verge of taking out its diagonal resistance that has kept the market bearish since November 2021.
“This is long-term [downtrend line], from $69,000 all the way down on the linear scale, we are potentially at a breakout point to break the macro downtrend on the linear… But we also have the weekly RSI, which we are now breaking out of. So Bitcoin has some potential bullish pivots coming, potentially [a] bullish trend change.”
The crypto analyst also says that in addition to taking out its diagonal resistance, Bitcoin is also printing a pattern that could indicate that the bottom of the bear market is in.
“Bitcoin is set up in what could be a double bottom … At the beginning of the year (May) when Bitcoin came down to around $33,000, we tested [$33,000]bounced up and basically couldn’t hold that level and broke down.
This is starting to look a little different. Instead of continuing down, we got down to $17,500, rallied, found support around $18,500, made a slightly higher low, held that level and bounced. So this looks a lot more promising than it did here (May 2022).”
Svenson says he also pays close attention to Bitcoin’s weekly RSI, which is a momentum indicator that can signal trend reversals. According to the analyst, Bitcoin’s weekly RSI is in a position to break out of its downtrend that started way back in early 2021.
“We now have an attempt to break out of the weekly RSI downtrend, and if we do, that will at least put us in a sort of sideways range, or maybe we’ll find some stability, get some time to accumulate and so finally look for a breakout above the macro trend line somewhere over 2023.”
At the time of writing, BTC is changing hands at $22,236, up over 2% on the day.
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Featured image: Shutterstock/Tithi Luadthong/Nsit
