Cryptocurrency Analyst Kevin Svenson Predicts Bitcoin to Climb Further Following Bullish Indicator
Rewritten Article:
In a YouTube video streamed on May 1, 2025, respected analyst and trader Kevin Svenson expressed optimism about Bitcoin's (BTC) near future, with the flagship crypto asset already rising by over 15% over the last month.
Svenson shares his analysis, explaining to his 82,800 subscribers that based on the Moving Average Convergence Divergence (MACD) indicator, bearish momentum is decreasing on the weekly time frame for Bitcoin. The crypto expert also suggests that Bitcoin is "shaping up" as an ascending triangle on the 4-hour time frame.
When an ascending triangle pattern is confirmed, often accompanied by rising volume, it usually signals a bullish breakout. In this case, Svenson sets a target price of a staggering $99,600 for Bitcoin on the next breakout. If this forecast pans out, we might see Bitcoin building a swing range between $90,000 and $100,000 before heading higher. At the moment, Svenson's overall sentiment remains bullish.
Helping to substantiate his bullish stance, Svenson cites the recovery in the US stock market as one of the driving factors for his cryptocurrency optimism.
"When the stock market is bullish, that's very good for crypto. It means that speculators are confident to speculate on what are considered high-risk assets."
Currently, Bitcoin is trading at $95,012.
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Disclaimer: Opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence prior to making any high-risk investments in Bitcoin, digital assets, or cryptocurrency. Remember, your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not advocate buying or selling any digital assets or cryptocurrencies and is not an investment advisor. We do participate in affiliate marketing.
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- The bullish sentiment for cryptocurrency, led by Bitcoin (BTC), continues to grow as analyst Kevin Svenson predicts a potential breakout could push the price towards $99,600 in the near future, citing the recovery of the US stock market as a driving factor.
- In a related development, aZen has secured a $1.2 million seed round and Web 3.0 grants for the integration of AI technology in its platform, marking another instance of convergence of finance, technology, and artificial intelligence.
- The Bitcoin Seoul 2025 conference, set to be Asia's largest Bitcoin-focused event, is quickly approaching, drawing attention to the growing interest in altcoins and blockchain technology across the continent.
- Amidst these advancements, the team behind the popular Telegram wallet Grindery unveiled a new infrastructure for AI agents, positioning themselves at the forefront of the rapidly evolving decentralized finance landscape, aided by the deglobalization trend currently reshaping the finance industry.
