Analyst and trader Kevin Svenson remains optimistic about Bitcoin (BTC) despite a recent correction that has led to a decline of approximately 23% from its all-time high reached in January.
In a recently published strategy session, Svenson informs his 82,800 YouTube followers that two indicators, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), suggest that Bitcoin is set for upward movement after a period of sideways trading.
The RSI is a momentum oscillator that helps identify oversold or overbought conditions, while the MACD is utilized to analyze price trends and momentum direction to pinpoint optimal entry or exit points.
“The MACD on the weekly is indicating that the bears are losing momentum, and we’re maintaining that RSI support on the weekly. I expect to see general sideways price action, which could involve higher highs and lower lows. Ultimately, it will likely be sideways before we recover to new all-time highs.”
“Yes, I will say it. I might be the only one saying this… I still anticipate new all-time highs in this cycle. My viewpoint hasn’t shifted.”
However, Svenson notes that although Bitcoin appears to be nearing a bottom, it is still “not completely out of the woods” and may potentially drop further before staging a rally.
“It’s possible that the market experiences a final flush before recovering. Bitcoin tends to exhibit that type of unpredictable price behavior frequently…
…if we were to witness something akin to a final flush into a slightly lower low, I wouldn’t be surprised to see us test the low $70,000s first, move into the $90,000 range, and then flush before a complete recovery.”
As of the latest update, Bitcoin is trading at $83,586.
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Disclaimer: The views expressed at The Daily Hodl are not investment advice. Investors should conduct their own due diligence before engaging in any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transactions and trades are at your own risk, and any potential losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. It should be noted that The Daily Hodl participates in affiliate marketing.
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