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Popular cryptocurrency analyst Kevin Svenson predicts that Bitcoin (BTC) could approach $100,000 despite this week’s market downturn. In his statements to YouTube subscribers, Svenson noted that Bitcoin has formed a bullish divergence pattern on the daily chart.
Outlined Potential Targets for Bitcoin
A bullish divergence occurs when an indicator like the Relative Strength Index (RSI) shows an upward trend while the asset’s price is falling or moving sideways. This signal indicates that bullish momentum is increasing.
Svenson explained this situation by saying, “We actually see a slight rise in the RSI, which we can also call horizontal support. Meanwhile, lower lows were recorded in the price above this horizontal support. This is a bullish divergence.”
Svenson noted that this situation seen on the Bitcoin chart is an expanding formation, which could be considered a potential bullish continuation pattern. He stated that the resistance level of this formation is at $68,000, and if Bitcoin surpasses this resistance, it could rise by 60% from current levels.
According to the analyst’s calculations, if Bitcoin’s potential rise from the $49,000 level breaks the resistance region at $68,000, the price could rise to $97,000. In other calculations using the Fibonacci extension lines tool, he identified $88,000 and $113,000 as other significant targets. These levels correspond to potential increases of 45% and 86% from current prices, respectively.
Pointed to September
Svenson advised caution regarding when Bitcoin might reach the given targets. He noted that the price of the largest cryptocurrency could remain stuck between $49,000 and $70,000 for a while, adding that a breakout could occur in September.
At the time of writing, Bitcoin is trading at $60,555. Svenson advised investors to be patient during this period and to be prepared for a potentially significant rise.
