Bitcoin (BTC) is poised for a potential bullish reversal, according to analyst Kevin Svenson. He believes that Bitcoin has the potential to form an inverse head and shoulders pattern on the four-hour chart, indicating a momentum shift and an increase in demand. Svenson also points out that BTC has successfully retested diagonal resistance as support and that the moving average convergence divergence (MACD) indicator is showing a bullish signal. Based on these factors, Svenson predicts that Bitcoin could rally above $76,000. In a previous analysis, Svenson forecasted a parabolic rally for Bitcoin, with a potential price target of $90,000. He also anticipates a surge in volatility once Bitcoin reaches his projected price level. As of now, Bitcoin is valued at $67,143, with a 4.46% increase in the past day.
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Bitcoin (BTC) in a Position To Witness Bullish Momentum Reversal, According to Analyst – Here’s His Forecast
