Bitcoin (BTC) continues to maintain its uptrend by remaining at the $105,135 trading level. Analyst Kevin Svenson, while evaluating the developments in the cryptocurrency market, points out that technical indicators present a positive picture for Bitcoin. In particular, the fact that the price maintains a solid stance at critical support levels stands out as an important sign for analysts.
Svenson stated that the MACD (Moving Average Convergence/Divergence) indicator used in Bitcoin's daily timeframes gives signals supporting the market's upward trend. MACD is an indicator that guides investors by analyzing momentum changes in price movements. Svenson emphasized that an upward intersection was observed in the MACD histogram, indicating that the bulls are gaining momentum. Such a technical chart indicates that the growth potential for Bitcoin is increasing in the short term.
Svenson also voices his expectation of a 6% increase in Bitcoin prices in line with Fibonacci analysis. Fibonacci extension levels are a method frequently used by investors to determine potential bullish zones and show positive results in current market conditions. The analyst points out that resistance and support levels are critical in Bitcoin's current uptrend. He states that even if the price pulls back to $100,000, the long-term bull market will not end. Such pullbacks can create attractive buying opportunities for investors. It is especially noted that these levels constitute strong support points.
Svenson advises investors not to panic during such ups and downs. He predicts that even if there are possible declines in Bitcoin prices, there may be a recovery and higher levels. Technical analysis tools provide an important guide to evaluate such possibilities and draw a roadmap.
Despite the high volatility seen in the Bitcoin market, Svenson’s views serve as a guide for investors. In particular, strong support and resistance zones can allow for positioning without being affected by negative scenarios in the market. This data shows that Bitcoin’s current technical indicators are promising and its future upside potential is strong.
