Bitcoin (BTC): Update on the long-term situation

Kevin Svenson is a cryptocurrency analyst, strategist and trader who has 69,200 YouTube subscribers. He announced on his YouTube channel a potential change in the bitcoin (BTC) market. According to him, bitcoin (BTC) may soon break out of the bearish trend that has been going on for several months.

Towards a trend reversal in the price of crypto

According to Kevin Svenson, the bitcoin (BTC) market is at breaking point to break the downtrend. He stated : “We also have the weekly RSI, which we are currently about to release. So bitcoin has some potential bullish pivots ahead.»

Crypto analyst explains that bitcoin (BTC) breaks out of diagonal resistance that prevented an uptrend lately. It is highly likely that the bear market bottom is in place, he explains.

Kevin Svenson asserts that currently, we are witnessing the positioning of bitcoin (BTC) “in what could be a double bottom. By May, bitcoin’s price had dropped to around $33,000. After a jump, the market could not stay at this level and suffered a fall. But, the analyst says that “it’s starting to get a bit different. »

He explained : “Instead of being a continuation down we went down to $17,500, bounced back, found support around $18,500, created a slightly higher low, held that level and rebounded. And these observations signal a future “much more promisingfor bitcoin compared to what happened in May 2022.

According to crypto analyst Kevin Svenson, the bitcoin (BTC) market is on the verge of a bullish trend. And the weekly RSI of Bitcoin (BTC) is one of the elements that indicate this. Indeed, this indicator would be ready to break out of its downtrend that started in early 2021.

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