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Bitcoin Bull Run Incoming? Svenson Highlights Key Price Targets

Crypto analyst Kevin Svenson signals a potential Bitcoin bull run, citing bullish MACD momentum, an ascending triangle pattern, and a $99,600 price target—backed by improving S&P 500 sentiment. Is BTC ready to break out?

As Bitcoin continues to gain upward momentum, market watchers are closely analyzing its next potential move. One voice rising above the rest is crypto analyst and trader Kevin Svenson, who has recently presented a bullish case for Bitcoin, projecting a significant breakout that could push prices toward six figures. With a combination of technical indicators and broader market dynamics aligning, is a new Bitcoin bull run just around the corner?

Table of Contents

Bullish Momentum Building: MACD Signals Shift

Svenson begins his analysis by pointing to the Moving Average Convergence Divergence (MACD) indicator, a popular technical tool used to gauge momentum and potential trend reversals. On the weekly time frame, the MACD suggests that bearish momentum in Bitcoin is waning. This shift implies that sellers are losing strength, opening the door for buyers to take control.

“The MACD is signaling that the bears are losing momentum on the weekly chart,” Svenson told his 82,800 YouTube subscribers. “That’s a key sign the trend might be reversing in favor of the bulls.”

Ascending Triangle Pattern: A Classic Bullish Formation

In addition to the MACD, Svenson identifies a clear ascending triangle pattern forming on Bitcoin’s four-hour chart. An ascending triangle is typically considered a bullish continuation pattern, characterized by rising lows converging toward a horizontal resistance level.

“If Bitcoin breaks through the upper trendline of this triangle with strong volume,” Svenson explains, “we could see a sharp move higher.”

This pattern strengthens the argument for an imminent breakout, especially if confirmed by rising trading volume.

Price Target: $99,600 in Sight

Based on his pattern analysis, Svenson projects that Bitcoin could surge to approximately $99,600 in the next bullish move. This target stems from a measured move—a technical approach where the height of the triangle is added to the breakout point.

“That would signal that most likely we would fulfill this target up towards $99,600 on the next breakout,” Svenson said. “If this scenario plays out, Bitcoin may then consolidate or form a swing range between $90,000 and $100,000 before its next leg up.”

This kind of consolidation is typical after strong rallies and often sets the foundation for even higher price targets.

Stock Market Correlation: Why the S&P 500 Matters

Interestingly, Svenson’s bullishness is not just based on crypto-specific factors. He notes that the broader macroeconomic environment—especially the behavior of the S&P 500 index—is also shifting in favor of risk-on assets like Bitcoin.

“The S&P 500 is breaking its downward-sloping resistance,” he notes. “When the stock market is bullish, that’s very good for crypto. It means that speculators are confident to bet on what are considered high-risk assets.”

In other words, a recovering equity market could fuel increased appetite for Bitcoin, particularly among institutional and retail investors looking for higher returns.

Current Market Snapshot

As of the time of Svenson’s analysis, Bitcoin is trading at approximately $95,012, already reflecting a 15% gain over the past month. This move aligns with the bullish momentum he outlines and could be a precursor to the breakout he anticipates.

Conclusion

Svenson’s analysis, supported by technical indicators like MACD and ascending triangle patterns, along with improving sentiment in traditional markets, paints a convincing picture of an incoming Bitcoin rally. With a short-term target of nearly $100,000 and potential for consolidation at those levels, investors may be witnessing the early stages of a major upward move.

Still, as always in the crypto markets, volatility remains high. While the indicators are promising, traders are advised to proceed with caution, use proper risk management, and stay informed.

FAQs

Who is Kevin Svenson?

Kevin Svenson is a crypto analyst and trader known for his technical analysis and Bitcoin market forecasts. He shares his insights via YouTube and social media, focusing on market structure and momentum indicators.

What technical indicators is Svenson using to support his Bitcoin forecast?

Svenson highlights two key indicators:

  • MACD (Moving Average Convergence Divergence): Signaling that bearish momentum is fading.

  • Ascending Triangle: A bullish chart pattern suggesting an imminent breakout if resistance is breached.

What is Svenson's price target for Bitcoin?

Svenson projects a price target of approximately $99,600 if Bitcoin breaks out from the current ascending triangle pattern, followed by a potential consolidation range between $90,000 and $100,000.

How does the stock market influence Bitcoin's price?

Svenson notes that a bullish trend in the S&P 500 typically signals increased investor confidence, encouraging risk-on behavior. This can drive capital into volatile assets like Bitcoin, strengthening its upward momentum.

Is now a good time to invest in Bitcoin?

While Svenson’s analysis is bullish, it's crucial to remember that all crypto investments carry risk. Prospective investors should do their own research and consider their risk tolerance before making decisions.

That's all for today, see ya tomorrow! If you want more, be sure to follow our X (@croxroadnewsco), Instagram (@croxroadnews.co), Youtube (@thebitcoinlibertarian), Tiktok (@croxroadnews) and nostr - [email protected]

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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