- Prominent crypto strategist and analyst, Kevin Svenson, recently shared insights on the anticipated Bitcoin (BTC) rally.
- Svenson explored key signals indicating a bullish momentum similar to the patterns observed in 2017.
- He emphasized the necessity of renewed optimism and momentum for Bitcoin’s upward trajectory.
Discover the latest analysis and predictions on Bitcoin’s current rally. Gain valuable insights from Kevin Svenson’s expert assessment.
Bitcoin’s Bullish Movement Parallels the 2017 Surge
In a recent video update to his 78,700 YouTube followers, Kevin Svenson pointed out that Bitcoin’s recent movements bear a resemblance to the parabolic trends seen in 2017. Svenson noted, “In 2017, a short-term parabolic trend turned into a significant upswing. Although there were turbulent times, intense increases eventually took place. We are experiencing a similar phase now. There’s no reason why this shouldn’t happen again. What we need is a renewed sense of optimism and to regain momentum.”
Will History Repeat Itself in the Crypto Market?
Svenson highlighted that technical indicators are beginning to show favorable conditions for Bitcoin bulls. By examining Bitcoin’s Relative Strength Index (RSI), a momentum indicator, Svenson observed the RSI finding support at levels indicative of the second parabolic phase in this cycle. “At the start of 2023, when we saw a breakout in the first phase of the parabola, support was found close to the 45-level on the weekly RSI, and it bounced back from there. This suggests it might be an expanding trend zone,” Svenson explained.
MACD Signals a Shift Toward Bullish Momentum
Svenson also pointed out that the Moving Average Convergence Divergence (MACD), a trend indicator for Bitcoin, is signaling that bullish momentum is gaining traction. He commented, “The weekly MACD is currently starting to show a decrease in bearish momentum and an increase in bullish momentum. If this continues, this is typically where price gains momentum when we have such weekly MACD reversals.”
Conclusion
In summary, Kevin Svenson’s analysis suggests that Bitcoin is on the cusp of a significant upward movement, akin to its 2017 performance. While the technical indicators demonstrate promising trends, the market requires a revival of optimism to sustain this momentum. As always, readers are advised to conduct their own research and remain cautious with investments.
