CandleFocus Bitcoin on Cusp of Rallying Higher as One Indicator Turns Bullish, Says Kevin Svenson – But There’s a Catch
2024-12-19
Author: Content Editor
The analyst and trader Kevin Svenson is optimistic about Bitcoin's future, suggesting that it could surge by around six percent from its current price based on the Fibonacci extension levels. He points to the Moving Average Convergence/Divergence (MACD) indicator on the daily time frame, indicating that the bulls may regain momentum in the near future. Svenson also notes that even in a bullish trend, Bitcoin still has room to move down and could potentially come down to $100,000 and still be considered in an uptrend. He believes that a dip to retest the upward-sloping channel line would be a good buying opportunity and expects Bitcoin to continue its bull run. Bitcoin is currently trading at $105,135.
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