Crypto Analyst Kevin Svenson Predicts Bitcoin Trending Upwards Due to Positive Indicator
Bitcoin Bull Run Ahead?
Kevin Svenson, crypto analyst and trader, is expressing a bullish outlook for Bitcoin amidst a 15% increase in the flagship cryptocurrency over the past month.
In a video shared with his 82,800 YouTube subscribers, Svenson explains that based on the Moving Average Convergence Divergence (MACD) indicator, Bitcoin bears are waning on the weekly time frame, indicating an upcoming bullish trend.
Moreover, Bitcoin is "shaping up with a bullish ascending triangle formation" on the four-hour time frame. This pattern is typically followed by a price breach of the upper horizontal trendline, accompanied by rising volume, suggesting further price gains.
Extrapolating this bullish pattern, Svenson sets a six-figure price target for Bitcoin, potentially reaching $99,600 in the next breakout. He suggests that Bitcoin may consolidate within a range of $90,000 to $100,000 before seeing additional price gains.
Svenson attributes his bullish stance on Bitcoin to several factors, including the recovery in the U.S. stock market. He believes that when the stock market is bullish, it signals a positive sentiment towards high-risk investments, benefiting the crypto market as well.
Bitcoin is currently trading at $95,012.
Stay updated on the latest crypto news, price action, and more! Follow us on Twitter, Facebook, and Telegram. Don't miss a beat - subscribe to get email alerts.
Disclaimer: Opinions expressed here do not constitute investment advice. Please perform your own research and due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl is not an investment advisor and does not endorse the buying or selling of any cryptocurrencies or digital assets. The Daily Hodl takes part in affiliate marketing.
Generated Image: Midjourney
Crypto Market Watch
Industry Updates
- Bitcoin Seoul 2025 Gathers Global Industry Leaders for Asia's Largest Bitcoin-Focused Conference (April 30, 2025)
- FLOKI and Rice Robotics Launch AI Companion Robot with Token Rewards (April 30, 2025)
- STEPN and Argentina Football Association Announce Their Latest NFT Drop (April 30, 2025)
- BYDFi Partners with Ledger to Launch Limited-Edition Hardware Wallet (April 30, 2025)
- Team Behind Popular Telegram Wallet Grindery Unveils Wallet Infrastructure for AI Agents (April 30, 2025)
- Common Launches First Privacy Web App with Subsecond Proving Times for Arbitrum and Aleph Zero EVM (April 29, 2025)
- Falcon Finance Launches Transparency Page (April 29, 2025)
Current Bitcoin Outlook
- Price Predictions: Svenson forecasts a significant rally in Bitcoin, potentially reaching $124,000 to $134,000, if the resistance levels are broken[2]. He also anticipates a rise of approximately 23% following a potential correction[3].
- Uptrend Duration: Svenson predicts the uptrend to last 12 to 14 weeks, expanding into the third quarter of 2025[3].
- Short-Term Trading Range: In the near term, Bitcoin is expected to trade within a range of around $91,000 to $96,000[3].
Remarks on Svenson's Bullish Thesis
- Relative Strength Index (RSI) Breakout: Svenson highlights the significance of Bitcoin’s RSI breaking out of a downtrend on the weekly chart, which historically has led to substantial upward movements in Bitcoin’s price[3][5].
- Confirmation of Bullish Trend: He notes that the recent 10% rally in Bitcoin has confirmed a shift towards a bullish trend, with key indicators like the RSI and Moving Average Convergence Divergence (MACD) suggesting higher prices[3][5].
- Historical Patterns: Svenson anchors his analysis in historical patterns where similar RSI breakouts have led to prolonged bullish periods for Bitcoin[3].
[1] Svenson, K. (n.d.). Bitcoin bullish analysis: Here’s where KCS thinks Bitcoin could go. YouTube. https://www.youtube.com/watch?v=0epGmp-liaw[2] Daily Hodl. (April 20, 2025). Bitcoin On Track For Massive End-Of-Year Fireworks, According To Trader Who Called 2021 Market Collapse. The Daily Hodl. https://thedailyhodl.com/2025/04/20/bitcoin-on-track-for-massive-end-of-year-fireworks-according-to-trader-who-called-2021-market-collapse/[3] Daily Hodl. (April 29, 2025). 'Very Likely' Bitcoin Has Kicked Off Uptrend to New All-Time High, Says Crypto Trader – Here Are His Targets. The Daily Hodl. https://thedailyhodl.com/2025/04/29/very-likely-bitcoin-has-kicked-off-uptrend-to-new-all-time-high-says-crypto-trader-here-are-his-targets/[4] Investopedia. (n.d.). Relative Strength Index (RSI). Investopedia. https://www.investopedia.com/terms/r/rsi.asp[5] Daily Hodl. (April 30, 2025). Bitcoin to Shoot 25% Higher After Bullish Signal, Predicts Analyst Kevin Svenson. The Daily Hodl. https://thedailyhodl.com/2025/04/30/bitcoin-to-shoot-25-higher-after-bullish-signal-predicts-analyst-kevin-svenson/
- In light of the ongoing bullish trend, analysts are predicting a convergence of altcoins like Ethereum following Bitcoin's price surge, due to the strong correlation between the two.
- As the blockchain industry expands, we may witness innovative stories such as the integration of cryptocurrencies into mainstream finance, like the acceptance of Bitcoin as a payment method for goods and services across the globe, accelerating its adoption.
- Amidst the sloping growth of Bitcoin, it's interesting to note the 012 market, a less-explored niche, showing an intriguing potential for investments.
- In the long run, the convergence of technology, finance, and the blockchain sector could lead to unprecedented growth opportunities for both established players in the crypto realm and new entrants.
