Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) amid the flagship crypto asset rising by over 15% over the past month.
Svenson tells his 82,800 YouTube subscribers that, based on the Moving Average Convergence Divergence (MACD) indicator, a tool used to identify changes in market trends and sentiment, Bitcoin bears have begun losing momentum on the weekly time frame.
[adinserter block="1"]The crypto trader and analyst further says that Bitcoin is “shaping up with an ascending triangle” on the four-hour time frame. An ascending triangle pattern is a bullish formation that’s confirmed when the price breaches the upper horizontal trend line, accompanied by rising volume.
Svenson says he’s setting a six-figure price target for Bitcoin based on an extrapolation of the bullish pattern.
“That would signal that most likely we would fulfill this target up towards $99,600 on the next breakout. And if this scenario does play out, Bitcoin may then be looking to create a consolidation or a swing range in between $90,000 and $100,000 before going up later. At the moment, my bias is bullish.”
The crypto analyst says some of the reasons informing his bullish thesis for Bitcoin include a recovery in the US stock market.
“There’s a lot of reasons for me to be bullish including the S&P 500 [index], which currently is breaking the downward-sloping trend line, downward-sloping resistance. The general market mood right now I think is about to change. I think it’s about to shift…
…when the stock market is bullish, that’s very good for crypto. It means that speculators are confident to speculate on what are considered high-risk assets.”
Bitcoin is trading at $95,012 at time of writing.
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