Kevin Swenson: bitcoin has a chance to rise to $ 98,000

Analyst and trader Kevin Swenson predicts an imminent breakout for bitcoin BTC $82,949.54 Bitcoin -1.12% Market capitalization $1.65 trillion VOL. 24 hours $0.97 billion based on technical signals that indicate a trend change. In his latest YouTube review, he notes that the four-hour and daily charts are showing signs of a breakout from the downtrend that has been going on since December 2024. According to him, there is currently a coincidence of the ascending and descending lines on both the price chart and the RSI indicator, which may indicate a potential reversal.

According to Swenson, the Relative Strength Index (RSI) has already broken through the horizontal resistance level, which could be an early signal that pricing will follow. In addition, another important indicator, the MACD (moving averages with convergence and divergence), is also showing signs that the bulls are taking the initiative. Bitcoin is currently trading around $ 86,551, which coincides with the level of local resistance.

On the three-day timeframe, bitcoin is forming an ascending triangle, a classic whipsaw formation. Swenson predicts that if it breaks through, the cryptocurrency could rise by about 13% to $ 98,000. According to him, this will not be a new peak, but rather a return to the level lost during the recent rapid decline. He compares it to a U-shaped recovery after a stressful decline.

Swenson believes that the current phase is not just a consolidation, but a transitional moment before a recovery. If a breakout does occur, it could return positive expectations to the market and spur new growth not only for bitcoin but also for other cryptocurrencies. However, the analyst warns that all conclusions are based on technical analysis, and the situation may change under the influence of macroeconomic factors or sudden news.