Kevin Svenson, one of the popular analysts of the cryptocurrency world, Bitcoin He stated that the price has ended its current correction and will soon witness another rise.
In a new video update, crypto strategist Kevin Svenson noted to his 74,100 YouTube subscribers that Bitcoin may undergo a momentum shift after issuing a bullish technical formation on the lower timeframe.
“Bitcoin is positioned at a potential higher low ($64,800) on the four-hour chart, which would form an upside head and shoulders. “As a result, it will be an indication of a reversal of momentum, an increase in demand, a trend reversal in the short term.”
As Koinfinans.com reported, traders usually watch the inverse head and shoulders formation closely because this formation often signals that the uptrend will reverse.
With BTC successfully retesting the diagonal resistance as support, Svenson now predicts a rally above $76,000. He also underlined that the moving average convergence divergence (MACD), which is a momentum indicator, gives a bullish signal.
“Bitcoin bullish daily close. We closed above the resistance trend. MACD histograms are starting to show positive momentum returning.”
Svenson previously stated that Bitcoin is in the midst of a parabolic rally that could push BTC as high as $90,000. He also said that Bitcoin will most likely witness a massive increase in volatility once BTC reaches its price target.
