Trader Kevin Svenson shares his optimistic forecast on Bitcoin, highlighting technical indicators and predicting potential new record highs.
Technical Indicators Signal an Uptrend
In his analysis, Kevin Svenson highlighted that the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are providing positive signals for Bitcoin. Svenson specifically pointed out that the weekly MACD indicates a loss in bearish momentum, and weekly RSI data signals ongoing support, which may lead to consolidation and new highs.
Recovery Expected After Volatile Movements
Svenson warned of possible short-term declines, describing them as a “cleaning session.” However, he believes that after a minor correction, Bitcoin could recover and reach levels of $90,000. Svenson emphasized the importance of data-driven decision-making in such situations.
Despite recent fluctuations, Svenson's forecast remains optimistic about Bitcoin’s future, suggesting that current consolidation may pave the way for new highs.
