According to Popular Crypto Trader, big things are about to happen for Bitcoin (BTC) — here’s why
A well-known crypto strategist and trader says a potential shift that could end Bitcoin’s (BTC) multi-month downtrend is looming on the horizon.
Crypto analyst Kevin Svenson tells his 69,200 YouTube subscribers that Bitcoin is about to surpass its diagonal resistance that has kept the market bearish since November 2021.
“This long-term [downtrend line], from $69,000 all the way down on the linear scale, we may be at the breakout point to break the macro downtrend on the linear scale… But we also have the weekly RSI which we are about to break out of. So Bitcoin potentially has some potential bullish pivots ahead [a] bullish reversal.”
Credit: Kevin Svenson/YouTube
The crypto analyst also says that Bitcoin is not only taking out its diagonal resistance but is also printing a pattern that could indicate the bear market bottom is in.
“Bitcoin is in a kind of double bottom… We tested earlier this year (May) when bitcoin fell to around $33,000 [$33,000]jumped up and basically couldn’t keep the level and collapsed.
This is starting to look a little different. Rather than continue lower, we came down to $17,500, rallied, found support around $18,500, made a slightly higher low, held that level and recovered. So that looks a lot more promising than here (May 2022).”
Svenson says he also closely monitors Bitcoin’s weekly RSI, which is a momentum indicator that could signal trend reversals. According to the analyst, Bitcoin’s weekly RSI is poised to break out of its downtrend that started back in early 2021.
“We now have a chance to break out of the weekly RSI downtrend and if we do that will at least put us in some kind of sideways range or maybe we’ll find some stability, get some time to accumulate and then ultimately look for a breakout above the macro trendline somewhere over in 2023.”
Credit: Kevin Svenson/YouTube
At the time of writing, BTC is exchanging hands for $22,236, up over 2% on the day.
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