Analyst Envisions Bitcoin Hitting $100,000 Amid Market Shift
Renowned crypto expert, Kevin Svenson, shares insights suggesting a bullish trajectory for Bitcoin (BTC) that could propel it close to $100,000 following recent market fluctuations. Svenson, a prominent figure on YouTube, highlights a bullish divergence pattern observed on the daily chart as a key indicator of the anticipated upward trend.
A bullish divergence occurs when the price of an asset shows stagnation or decline alongside an ascending movement in an oscillator like the Relative Strength Index (RSI), signaling a strengthening bullish momentum. Describing the current scenario, Svenson elaborates, “Bitcoin’s chart displays a broadening pattern indicated by lower highs but progressively lower lows.”
Should Bitcoin successfully breach the resistance level around $68,000 as per Svenson’s analysis, he foresees the digital currency skyrocketing by 60% to around $97,000. Fibonacci extensions further suggest potential price targets of $88,000 and $113,000, implying gains of 45% and 86%, respectively.
Nonetheless, Svenson warns of a potential consolidation phase between $49,000 and $70,000 before the awaited breakout, possibly materializing around September. It is advised that investors conduct thorough research and proceed with caution when engaging in transactions involving Bitcoin or any other digital assets. The Daily Hodl refrains from offering investment advice and encourages individuals to base their decisions on personal risk assessments and diligent research.
