Bitcoin's condition noted as promising by a trader, with expectations for further price ascents due to two bullish indicators; however, a potential hindrance exists.

Bitcoins on a Roll!

Cryptocurrency trader and analyst Kevin Svenson is feeling bullish about Bitcoin (BTC) as the flagship digital asset climbs higher over the past couple of weeks. In his latest video, Svenson told his 82,800 subscribers that Bitcoin shows strong bullish momentum on the daily chart. He said, "Bitcoin not giving up any of the pumps. We pump up, we go sideways, we pump up, we go sideways. And now pumping up again. It's looking really good."

Svenson also pointed to indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) to back up his bullish stance. The RSI is a momentum oscillator that helps determine overbought or oversold conditions, while the MACD is used to determine whether a trend is negative or positive. Svenson noted, "Bitcoin also broke the four-hour RSI resistance. And the MACD on the four-hour has flipped to the bullish side. So there are multiple things leading us to believe that there could be continuation on this move."

According to Svenson, Bitcoin could reach a price of around $100,000 if the bullish momentum continues. However, he warned that Bitcoin may experience a correction before moving higher, as the market can be unpredictable. "I don't want to discount the possibility that Bitcoin after hitting our upside target, maybe there's some kind of retrace into this zone [below $90,000] before continuation. The market is always crazy, it's always volatile," Svenson concluded.

At the time of writing, Bitcoin is trading at $97,067.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Always remember, your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, and we are not an investment advisor.

Source: Midjourney

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"Despite the bullish stance on Bitcoin, analysts are leaning towards a challenging period for altcoins until they show signs of outperforming Ethereum."
"In the realm of finance and investing, the rise of cryptocurrencies like Bitcoin and Ethereum is being accompanied by an increase in altcoins and blockchain solutions."
"Amid the ongoing deglobalization and US-China decoupling, analyst Arthur Hayes believes Bitcoin could benefit significantly, providing a lucrative opportunity for investors."
"As Bitcoin's price soars, some investors might find themselves inclining towards diversifying their portfolios with alternative cryptocurrencies or altcoins."
"For those preparing their resumes for a career in the ever-evolving field of finance, understanding the intricacies of cryptocurrencies, blockchain, and altcoins is increasingly important."

Bitcoin analyst Kevin Svenson expresses optimistic views, as Bitcoin (BTC) experiences a significant increase over the recent two-week period.

Bitcoin proponent Kevin Svenson, a renowned trader and analyst, expresses a bullish outlook on Bitcoin (BTC), attributing his optimism to its recent surge in value over the past fortnight.

Cryptocurrency expert Kevin Svenson espouses optimism towards Bitcoin (BTC), buoyed by its ascension over the recent fortnight.

Bitcoin's condition noted as promising by a trader, with expectations for further price ascents due to two bullish indicators; however, a potential hindrance exists.