Analyst Kevin Svenson: This Is How Bitcoin Will Reach ‘Real’ Bottom

A closely followed crypto strategist has mapped out how Bitcoin could form a bear market bottom this year as BTC trades below $20,000.

In a strategy session, Kevin Svenson told 69,000 YouTube subscribers that Bitcoin could bottom between $17,000 and $18,000 before starting a relief rally above $30,000.

“Weekly RSI as Bitcoin hits real bottom after forming lower low [göreceli güç endeksi] before it breaks, it will form bullish divergence (positive divergence) with a higher low. Lower lows in price, higher lows in RSI mean higher relative power levels…

I think Bitcoin could trade below $20,000 for a very short time and put the market in maximum fear for the weak hands to be completely shaken… It wouldn’t surprise me to see such a pattern come to market.”

Bitcoin analysis

The RSI is a momentum indicator, and a positive divergence is one of the signals that a trend reversal may occur. Although Svenson expects to rally after Bitcoin has made a real bottom, he does not expect BTC to start a new bull market in the near future.

“Ultimately, this recovery will take a long time. We have a downtrend. The current trend is your friend until the end of the trend and Bitcoin is currently in a downtrend. So, breaking above this major bearish resistance is the next hurdle this market will face. Breaking this hurdle may take until the end of the year for us to have a truly confirmed breakout.”

BTC Chart

According to Svenson, Bitcoin could trade in the narrow range seen above for months after breaking the cross resistance. The analyst also predicts that Bitcoin could start a new uptrend by 2024.

You can check the price movements here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.

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