The crypto market continues to remain extremely volatile these days. Check out the latest price predictions about the king coin below.
At the moment of writing this article, BTC is trading in the red, and the digital asset is exchanging hands for $21,352.
BTC price predictions
It’s been reported that there is a popular crypto strategist and trader who says a potential shift that could end Bitcoin’s (BTC) multi-month downtrend is on the horizon.
Crypto analyst Kevin Svenson said recently that Bitcoin is on the verge of taking out its diagonal resistance that has kept the market bearish since November 2021.
“This long-term [downtrend line], from $69,000 all the way down on the linear scale, we’re potentially at breakout point to break the macro downtrend on linear… But also we have the weekly RSI, which we’re currently about to break out of. So Bitcoin has some potential bullish pivots coming, potentially [a] bullish trend shift.”
The crypto analyst also made sure to explain the fact that in addition to taking out its diagonal resistance, Bitcoin is also printing a pattern that could indicate that the bear market bottom is in.
“Bitcoin is set up in what could be a double bottom… At the beginning of the year (May) when Bitcoin came down to about $33,000, we tested [$33,000], bounced up and basically weren’t able to hold that level and broke down.”
The analyst also said this:
“This is starting to look a little bit different. Instead of being continuation down, well we came down to $17,500, rallied up, found support around $18,500, created a slightly higher low, held that level and bounced. So this is looking a lot more promising than it did back here (May 2022).”
Despite the massive market volatility, there are also a lot of optimistic prediciotns about the king coin. Stay tuned for more news.