A closely followed analyst says he sees Bitcoin (BTC) ending its current correction and witnessing another leg up soon.
In a new video update, crypto strategist Kevin Svenson tells his 74,100 YouTube subscribers that Bitcoin may undergo a momentum shift after printing a bullish technical pattern on the low time frame.
“Bitcoin is in a position to potentially, on the four-hour chart, put in a higher low [at $64,800], which would be an inverse head and shoulders, which would be an indication of a momentum reversal, an increase in demand, a trend reversal in the short term.”
Traders sometimes watch for an inverse head and shoulders pattern as it often suggests that a bullish reversal is in sight.
With BTC successfully retesting the diagonal resistance as support, Svenson is now predicting a rally above $76,000. He also notes that the moving average convergence divergence (MACD), a momentum indicator, is flashing a bullish signal.
“Bitcoin bullish daily close. We closed above the resistance trend.
MACD histograms starting to show positive momentum returning.”
Svenson previously said that Bitcoin is in the midst of a parabolic rally that could propel BTC to as high as $90,000. He also said that Bitcoin will likely witness a big surge in volatility once BTC reaches his price target.
At time of writing, Bitcoin is worth $67,143, up 4.46% in the past day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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