Analyst Kevin Svenson shares his insights on the current state of Bitcoin (BTC) as the leading cryptocurrency teeters around 24% below its all-time high. In a recent analysis, Svenson addresses his audience of 82,800 subscribers on YouTube, emphasizing that Bitcoin’s next moves are pivotal in determining its price trajectory in the upcoming weeks and months.
According to Svenson, Bitcoin is currently positioned just above a parabolic trend that originated in early 2023, highlighting that the flagship digital asset’s forthcoming actions will be decisive. Svenson underscores the significance of this juncture, stating that Bitcoin must either trend upwards from this point or risk deviating into a different direction, possibly leading to a period of sideways movement or even a decline to levels last seen in November.
The current trading price of Bitcoin stands at $82,900. Svenson also suggests that if bullish momentum prevails, Bitcoin has the potential for further upside based on the weekly Relative Strength Index (RSI), indicating the possibility of testing overbought levels before a potential pullback.
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