In a recent video update, crypto strategist Kevin Svenson, followed closely by 74,100 YouTube subscribers, suggests that Bitcoin (BTC) could be nearing the end of its current correction and preparing for another upward movement. Svenson points to a bullish technical pattern on the lower time frame, indicating the potential for a momentum shift.
According to Svenson, Bitcoin has the opportunity to form a higher low around $64,800 on the four-hour chart. This formation resembles an inverse head and shoulders pattern, signaling a potential reversal in momentum, an uptick in demand, and a short-term trend reversal.
![](https://sollcrypto.com/wp-content/uploads/2024/03/Screen-Shot-2024-03-25-at-12.24.45-PM.png)
Traders frequently keep an eye out for an inverse head and shoulders pattern, as it frequently indicates an imminent bullish reversal.
Having observed Bitcoin (BTC) successfully retesting the diagonal resistance as support, Svenson anticipates a rally beyond $76,000. Additionally, he highlights the moving average convergence divergence (MACD), a momentum indicator, which is indicating a bullish signal.
“Bitcoin has seen a bullish daily close, surpassing the resistance trend. The MACD histograms are beginning to display positive momentum resurgence.”
![](https://sollcrypto.com/wp-content/uploads/2024/03/Screen-Shot-2024-03-25-at-12.25.44-PM.png)
Source: Kevin Svenson/X
Svenson had earlier remarked that Bitcoin is currently experiencing a parabolic surge, potentially propelling its value to as high as $90,000. He also anticipated a significant increase in volatility for Bitcoin once it reaches this price target.
As of the time of writing, Bitcoin is valued at $67,143, reflecting a 4.46% increase over the past day.