Bitcoin (BTC) attempted to reach $60,000 following lower-than-expected inflation data but failed. Popular crypto analyst Kevin discussed market expectations in light of recent developments. He talked about a new all-time high for Bitcoin and when the rise might begin.
Bitcoin (BTC) Analyst Commentary
Analyst Kevin Svenson mentioned in his latest market assessment that downward risks have not disappeared. Bitcoin (BTC) dropped to $53,563, hitting a five-month low, causing altcoins to experience declines close to their 2023 lows. The good news is that the analyst agrees with many experts that the bottom has been reached.
“So, I think we probably found the lowest level. And we will probably bounce from here and start some kind of sideways recovery and eventually reach a new all-time high. It may take months to complete this, but I think it is quite clear that the bulls have the momentum in the long run.”
According to the analyst, the expected major peaks in cryptocurrencies could take at least months to form. Despite the recent development, BTC has not surpassed $60,000, making it possible to agree with him on this point.
BTC Predictions
Svenson says there is a bullish divergence on the daily chart by looking at two indicators. Momentum oscillators Relative Strength Index (RSI) and MACD warn investors of potential upward movement. The current outlook, as confirmed by the analyst, appears at the dips indicating a rise.
“These two main indicators also point to a bullish divergence. And this happens exactly when fear reaches its highest level. It is always funny how this works – we get our bullish signals just when people start to give up. RSI daily reaches this oversold level, and we don’t spend much time there. Every time we reach this oversold level on the daily chart, it sometimes takes a month, sometimes a few months… But usually, this leads to some kind of breakout. The point is, when you reach the oversold level, you are usually at or near the bottom.”
