Cryptocurrency analyst and trader Kevin Svenson is outlining the path forward for Bitcoin (BTC) as the flagship digital asset lingers around 20% below the all-time high.
In a new video, Svenson tells his 82,700 YouTube subscribers that Bitcoin could re-enter bullish territory if BTC breaks above a downward trend line on the weekly time frame and manages to close above the price of $90,000.
“So what we’re looking for right now with the current weekly is that we get a nice close, that we close at least above our downward-sloping support. At least we want to close above about $87,500 and if we can close above $90,000 roughly, the area that we had our bounces that would be a very, very good sign.”
Svenson says that if Bitcoin fails to rise and close above the “very critical” level of $90,000 on the weekly chart, it would be a “signal that demand is weak” for the crypto king.
“If we don’t do that, if we kind of just hang out below $90,000 for too long, it may signal that we’re getting ready to break the parabolic trend.”
On how the price action is likely to play out, the crypto analyst says,
“Just based on cycle timing, where we are, the type of behavior that we’re seeing, we’re going to see something like what we saw in August with a rebound back up. We may hang out and sort of create a formation in this range before coming up again.
So it might be a lot of sideways action, a little bit of damage done to the market. So people are going to be skeptical. But I think ultimately we’ll probably continue this trend up.”
Bitcoin is trading at $86,206 at time of writing.
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