Popular analyst Kevin Svenson notes that Bitcoin is currently in a good position for a bullish reversal. On the lower time frames, Svenson sees a pattern that could turn out very well for the digital currency.
Bullish on the four-hour chart
Kevin Svenson sees a bullish development on Bitcoin’s four-hour chart. “Bitcoin is in a position to potentially make a higher low at $64,800 on the four-hour chart, creating an inverse head-and-shoulders pattern.
That is an indication that momentum is reversing and there is a trend reversal in the shorter term,” Svenson said.
Technical analysts see an inverted head-and-shoulders pattern as a signal of a reversal of the general trend. Would that mean that Bitcoin can continue its upward trajectory from here?
In any case, the Bitcoin price has started well today. At the time of writing, we can welcome a rate of ~$67,000 again. That has been different in recent days. After reaching the all-time high at $73,800, the Bitcoin price even shot back to $61,000.
Rally to $76,000
Now that Bitcoin has successfully tested the diagonal resistance as a support point, Svenson predicts a rally above $76,000. He also notes that the Moving Average Convergence Divergence (MACD), a momentum indicator, provides a bullish signal.
“Bitcoin saw a bullish daily close. We closed above the trend line. The MACD histogram also shows that positive momentum is returning,” Svenson said.
Can we now prepare for an expedition to new all-time highs? Svenson previously called out that Bitcoin is in the midst of a parabolic rise towards $90,000.
He also said that Bitcoin’s volatility is likely to explode once it reaches this price level. After all, that brings Bitcoin close to $100,000, which is a huge psychological limit.
Do you think Bitcoin could still reach the level of $100,000 per coin in 2024?
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Source: https://newsbit.nl/analist-bitcoin-in-goede-positie-voor-bullish-omkering/
