Bitcoin Primed for a Bounce?
We’re looking at price around $28700 this morning and Kevin Svenson believes that Bitcoin will follow the S&P on a “multi-week reversal back to the upside,”
Crypto Strategist Says Bitcoin (BTC) Primed for a Bounce as US Stock Market Flashes Bullish Signals
“A popular crypto analyst and trader thinks Bitcoin (BTC) is ready to bounce alongside the US stock market.
In a new strategy session, crypto trader Kevin Svenson tells his 69,000 YouTube subscribers Bitcoin has been demonstrating a nearly 90% correlation with the S&P 500 recently.
He also says the S&P 500 is reaching ‘extremely oversold levels’ on the weekly relative strength index (RSI), a metric measuring an asset’s market momentum. Svenson notes the index hasn’t hit a point this low since the Covid crash in early 2020.
The analyst also says the S&P 500 has tended not to spend much time at these historically low levels on the RSI. He thinks equities are ‘due for some kind of rally,’ especially since the index just dropped to a key Fibonacci level at the end of last week.”
