[Analyst Kevin Svenson said it may take months for Bitcoin to return to all-time highs]

Cryptocurrency analyst Kevin Svenson says the risk of Bitcoin (BTC) falling further is already minimal. He told his 78,700 subscribers on his YouTube channel that Bitcoin may have hit a bottom after falling to $53,563 last week.

Svenson believes that Bitcoin may rebound from its current price, begin a sideways recovery, and eventually break out to new all-time highs. Although it may take several months to fully realize this, in the long term, bulls clearly have the advantage. As of this writing, Bitcoin is trading at $58,520.

Svenson mentioned that two of Bitcoin’s momentum oscillators on the daily chart - the Relative Strength Index (RSI) and the Moving Average Convergence/Divergence (MACD) - are showing bullish divergence, suggesting a possible upward reversal. He noted that when asset prices make lower lows and indicators show higher lows, it often signals an imminent reversal.

He also mentioned that the daily RSI shows that Bitcoin is currently in oversold territory, which is another potential bullish sign. Every time the daily RSI reaches oversold levels, it usually doesn't stay there for too long, which usually results in some kind of breakout, indicating that Bitcoin may be near a bottom.

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