Although the price of Bitcoin attracts attention with the recent 23 %decline, the famous analyst and investor Kevin Svenson still has an optimistic perspective for this crypto asset. Stating that Bitcoin, who has experienced a correction since the highest level of all times recorded in January, is prepared for new peaks according to the current technical indicators, Svenson says that investors expect a long -term rise. However, he also emphasizes that Bitcoin may experience some fluctuations before he is fully recovered.
Bitcoin price that rejoices from the analyst is estimated
Analyst and investor Kevin Svenson, despite the current correction process of Bitcoin (BTC), still maintains expectations of rise. Bitcoin, which has a decrease of approximately 23 %from the highest level of all times recorded in January, is prepared for more rise than Svenson. Svenson, 82,800 subscribers in the YouTube channel in the latest strategy session, Bitcoin’in two important technical indicators, he said. These indicators are listed as the relative power index (RSI) and moving average convergence (MACD). According to Svenson, these indicators show that Bitcoin is about to rise again after a horizontal process.
RSI is a momentum oscillator used to determine the conditions of excessive purchase or excessive sale. MACD is a tool that helps investors to determine position opening or closing points by analyzing price trends and momentum direction. Svenson emphasized that the weekly MACD indicator shows that bears lost their momentum and that the weekly RSI support is preserved. He said that Bitcoin would show a horizontal price movement in the coming period, but at the end of a new All-Time High (the highest level of all time) to recover.
“Yes, I will say that.
BTC can still see its bottom levels
However, even though Bitcoin approached the bottom levels, the Analyst warned that “not completely saved”. Stating that Bitcoin is likely to go down to lower levels before starting to rise, Svenson said, “An last ‘decline in the market may be lived and this may be one of the strange price movements that Bitcoin frequently shows,” Svenson said. Svenson predicts that Bitcoin may again fall to $ 70,000 again, then a rise to the $ 90,000 band, and then a complete recovery. Bitcoin is traded at $ 83,586 at the time of writing.
