Cryptocurrency analyst Kevin Svenson predicts Bitcoin surge to $90,000 after final dip solidifies.
Svenson’s prediction is backed by the positive turn of momentum indicators MACD and RSI.
Svenson anticipates Bitcoin’s bull cycle to continue beyond $90,000, citing the recent Bitcoin Halving event.
Bitcoin researcher Kevin Svenson predicts an enormous spike in the price of the cryptocurrency, claiming that recent market corrections have cemented the last drop area in its exponential advance over several months. Renowned for his analysis of the movements in digital currencies, Svenson predicts that Bitcoin will eventually hit $90,000.
#BITCOIN | Daily Chart | MACD + RSI⚬#BTC's first positive MACD in 50+ Days. ⚬#BTC broke above the 65+ day RSI downtrend. The picture is certainly ⤻ shifting here. pic.twitter.com/E9P82rEzSZ
— Kevin Svenson (@KevinSvenson_) May 5, 2024
Svenson, a respected figure in the crypto community, gave his followers his positive prediction, emphasising that Bitcoin has finished the fourth dip formation in its parabolic curve model. He expressed his hope with a chart analysis that showed Bitcoin was prepared to rise to the $90,000 price projection.
The changing momentum indicators for Bitcoin back up the analyst’s bullish position. Svenson points out that the daily chart of Bitcoin has shown investors the benefit of both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators.
He continues saying that for more than 50 days, BTC has been experiencing positive MACD. Thus, the RSI of Bitcoin has surpassed the downtrend after more than 65 days meaning that things are undoubtedly changing in this cycle.
Svenson says the cryptocurrency’s bull run is far from over even though he projects Bitcoin will hit $90,000. He projects even greater growth, pointing out that the recent halving of Bitcoin’s block reward signals more activity down the line.
Contrary to popular belief, Svenson says he expects a major correction after $90,000 but believes that we are still very early in this cycle. With the cryptocurrency market still developing, Svenson’s observations offer insightful views on the future of Bitcoin.
Lastly, Indicators pointing to bullish momentum and a sustained growth projection above $90,000 have investors and followers excitedly anticipating Bitcoin’s future moves in the ever-changing world of digital assets.
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