The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Here’s How Bitcoin (BTC) Could Generate a ‘True’ Bottom, According to Analyst Kevin Svenson

by Daily Hodl Staff
June 19, 2022
in Bitcoin, Trading

A closely tracked crypto strategist is mapping out how Bitcoin could carve a bear market bottom this year as BTC trades below $20,000.

In a strategy session, Kevin Svenson tells his 69,000 YouTube subscribers that he sees Bitcoin bottoming out around the $17,000 to $18,000 level before igniting a relief rally to above $30,000.

“The weekly RSI [relative strength index] would end up printing a bullish divergence, a higher low, before breaking out while Bitcoin forms a lower low and then puts in the true bottom. Lower lows on price, higher lows on [RSI] are higher levels of relative strength…

I think Bitcoin could range in the sub-$20,000 for a very brief period to put the market into maximum fear to get the weak hands fully shaken out… I would not be surprise to see a pattern like this come into the market: just a little bit of divergence to really set in that low before the recovery takes place.” 

Source: Kevin Svenson/YouTube

The RSI is a momentum indicator and a bullish divergence is one of the signals indicating a possible reversal in trend.

Although Svenson is expecting a rally after Bitcoin generates a true bottom, he says he does not expect BTC to launch a fresh bull market in the near future.

“Ultimately, this recovery is going to take a long time. We have a downtrend. The trend is your friend until the end of the trend, and Bitcoin is currently in a downtrend. So getting above this major downward sloping resistance is the next hurdle for this market, and that could take until the end of the year before we really get a confirmed breakout.” 

Source: Kevin Svenson/YouTube

According to Svenson, Bitcoin could trade within a range for months after breaking out of the diagonal resistance. He also predicts that Bitcoin could start a new uptrend by 2024.

At time of writing, BTC is changing hands for $18,635, down almost 10% in the last 24 hours.

I

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Lemberg Vector studio

Submit a Press Release

Industry Announcements

  • Narwhal Finance Secures $1 Million in Seed Funding Led by Animoca Ventures
    March 24, 2023
  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,998.50
$27,998.50
0.49%
Ethereum
$1,767.76
$1,767.76
0.95%
Cardano
$0.352162
$0.352162
2.35%
XRP
$0.467615
$0.467615
0.25%
Dogecoin
$0.073844
$0.073844
1.85%

Spotlight

  • Trading for Polygon (MATIC) Rival Arbitrum (ARB) Goes Live on Top US Exchange Coinbase
    March 24, 2023
  • Popular Crypto Analyst Says Bitcoin’s Short-Term Volatility a Distraction From Upward Macro Trend
    March 24, 2023
  • Ethereum (ETH) Competitor Avalanche (AVAX) Suffers Brief Network Outage Amid Upgrade
    March 24, 2023
  • Top Crypto Analyst Benjamin Cowen Maps Path Forward for Bitcoin (BTC) – Here Are His Targets
    March 24, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl