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Bitcoin recovery to record high could take months, says analyst Kevin Svenson – Here’s his outlook

Bitcoin recovery to record high could take months, says analyst Kevin Svenson – Here’s his outlook

Cryptocurrency analyst Kevin Svenson says further downside risk for Bitcoin (BTC) is now minimal.

Svenson tells his 78,700 YouTube subscribers that Bitcoin has likely bottomed out, after hitting a five-month low of $53,563 last week.

“So I think we’ve probably found the bottom. And we’re probably going to bounce back from here and start some sort of sideways recovery and eventually hit a new all-time high. It may take months for us to fully complete that, but I think it’s pretty clear that the bulls have the momentum long term.”

Source: Kevin Svenson/YouTube

Bitcoin is trading at $58,520 at the time of writing.

According to Svenson, Bitcoin is showing bullish divergence on the daily timeframe on two momentum oscillator indicators – the Relative Strength Index (RSI) and the Moving Average Convergence/Divergence (MACD). A bullish divergence, which suggests a possible reversal to the upside, occurs when an asset’s price records lower lows while the indicators are showing higher lows.

“That’s bullish divergence on two major indicators. And it’s coming at the exact moment when fear is at its highest. It’s always funny how that works out – we get our bullish signals at the exact moment when people are starting to give up.”

Source: Kevin Svenson/YouTube

The cryptocurrency analyst also says that the daily RSI indicates that Bitcoin is currently in oversold territory, which could also be a potentially bullish signal.

“Every time the RSI hits this oversold level on the daily price, we don’t spend too much time on it… every time we hit that oversold level on the daily price, it takes… sometimes it takes a month, sometimes it takes several months… but usually that leads to some sort of breakout… the point is that when you hit the oversold level, you’re usually at or near the bottom.”

Source: Kevin Svenson/YouTube

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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur will be borne by you. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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