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Big Things Happening Soon for Bitcoin (BTC), According to Popular Crypto Trader – Here’s Why

A well-liked crypto strategist and dealer says a possible shift that might finish Bitcoin’s (BTC) multi-month downtrend is on the horizon.

Crypto analyst Kevin Svenson tells his 69,200 YouTube subscribers that Bitcoin is on the verge of taking out its diagonal resistance that has stored the market bearish since November 2021.

“This long-term [downtrend line], from $69,000 all the way down on the linear scale, we’re potentially at breakout point to break the macro downtrend on linear… But also we have the weekly RSI, which we’re currently about to break out of. So Bitcoin has some potential bullish pivots coming, potentially [a] bullish trend shift.”

Source: Kevin Svenson/YouTube

The crypto analyst additionally says that as well as to taking out its diagonal resistance, Bitcoin can be printing a sample that might point out that the bear market backside is in.

“Bitcoin is about up in what might be a double backside… At the start of the 12 months (May) when Bitcoin got here down to about $33,000, we examined [$33,000], bounced up and mainly weren’t ready to maintain that stage and broke down. 

This is beginning to look just a little bit totally different. Instead of being continuation down, effectively we got here down to $17,500, rallied up, discovered assist round $18,500, created a barely greater low, held that stage and bounced. So that is trying much more promising than it did again right here (May 2022).” 

Svenson says he’s additionally protecting a detailed watch on Bitcoin’s weekly RSI, which is a momentum indicator that might sign development reversals. According to the analyst, Bitcoin’s weekly RSI is ready to escape from its downtrend that began all the best way again at the start of 2021.

“We have a shot now at breaking out of the weekly RSI downtrend, and if we do, that’s going to at least put us in some sort of sideways range or maybe we find some stability, get some time to accumulate and then ultimately look for a breakout above the macro trendline somewhere over in 2023.”

Source: Kevin Svenson/YouTube

At time of writing, BTC is swapping fingers for $22,236, up over 2% on the day.

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Disclaimer: Opinions expressed at The Daily Hodl should not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses you might incur are your accountability. The Daily Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please word that The Daily Hodl participates in affiliate internet marketing.

Featured Image: Shutterstock/Tithi Luadthong/Nsit

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