bullish

Kevin

Bitcoin

when

Divergence

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-may-hit-100000-analyst-says" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin May Hit $100,000, Analyst Says</a><br></p>
<p style="text-align: justify">Popular <a href="https://en.bitcoinhaber.net/bitcoin-and-ethereum-navigate-price-fluctuations-and-market-adjustments" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a> Kevin Svenson has projected that Bitcoin (BTC) might reach $100,000, despite the current <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> downturn. Speaking to his YouTube followers, Svenson highlighted a bullish divergence pattern emerging on Bitcoin’s daily chart, suggesting an uptrend in the cryptocurrency’s <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">near future</a>.</p>
<h2 id="what-does-bullish-divergence-indicate">What Does Bullish Divergence Indicate?</h2>
<p style="text-align: justify">A bullish divergence occurs when an indicator like the Relative Strength Index (RSI) trends upward while the asset’s price either falls or stagnates. This typically signals strengthening bullish momentum. Svenson explained that a slight increase in the RSI, paired with lower lows recorded above horizontal support, confirms a bullish divergence.</p>
<p style="text-align: justify">Svenson identified an expanding formation on the Bitcoin chart, which he considers a potential bullish continuation pattern. According to him, the resistance level for this formation stands at $68,000. Should Bitcoin break this resistance, it could see a 60% surge from its current price.</p>
<h2 id="when-will-bitcoin-reach-these-targets">When Will Bitcoin Reach These Targets?</h2>
<p style="text-align: justify">Svenson advised caution, noting that Bitcoin’s price might be constrained between $49,000 and $70,000 for some time. He suggested that a breakout could potentially occur in September. Currently, Bitcoin is trading at $60,555, and Svenson recommends patience and readiness for a significant potential rise.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<ul>
 <li>Bitcoin’s bullish divergence pattern suggests an uptrend.</li>
 <li>The key resistance level to watch is $68,000.</li>
 <li>Potential price targets identified are $88,000, $97,000, and $113,000 based on Fibonacci extensions.</li>
 <li>Investors should remain patient and be prepared for a breakout, possibly in September.</li>
</ul>
<p style="text-align: justify">Kevin Svenson’s detailed analysis offers a cautiously optimistic view of Bitcoin’s potential rise, targeting a significant surge if key resistance levels are surpassed. Investors are encouraged to stay patient and vigilant as the market navigates these critical thresholds.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-may-hit-100000-analyst-says" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin May Hit $100,000, Analyst Says</a></h5>

Bitcoin May Hit $100,000, Analyst Says

Table of Contents

BH NEWS

Other articles published on Aug 10, 2024

CYBRO ($CYBRO) Presale Shows No Signs Of Slowing

CFTC Awards Over $1M to Whistleblower for Important Tip in Crypto Trading Case

Bitcoin ETF Options Face Setback as MIAX Withdraws Proposal

Bitcoin’s Mixed Signals: Strong 200-Day MA Meets Bearish Short-Term Trends

How to Achieve Financial Growth with the Top Crypto Presale Happening Now? Explore the Recent Upd...

Tether CEO: EU’s MiCA regulation puts stablecoins at risk

Join our free newsletter for daily crypto updates!