Bitcoin May Hit $100,000, Analyst Says
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Popular crypto analyst Kevin Svenson has projected that Bitcoin (BTC) might reach $100,000, despite the current market downturn. Speaking to his YouTube followers, Svenson highlighted a bullish divergence pattern emerging on Bitcoin’s daily chart, suggesting an uptrend in the cryptocurrency’s near future.
What Does Bullish Divergence Indicate?
A bullish divergence occurs when an indicator like the Relative Strength Index (RSI) trends upward while the asset’s price either falls or stagnates. This typically signals strengthening bullish momentum. Svenson explained that a slight increase in the RSI, paired with lower lows recorded above horizontal support, confirms a bullish divergence.
