Kevin Svenson, a well-known crypto analyst, tries to figure out the direction in which the BTC is heading by looking at the Bitcoin movement (BTC) over a period of two-year.
Svenson enjoys a following of 103,100 on Twitter, where he shares that when looking at BTC at the glance of its simple moving average (SMA) over the past 600 days, it seems to be standing at a crossroads.
Along with the information, he also shared a Bitcoin chart that tracks an array of higher lows experienced at the start of the year.
The analyst believes a 600-day SMA of Bitcoin is quite significant. Since the onset of the pandemic, there has been not a single daily candle below this MA.
There are engagements with long-term MAs, adds the analyst. “We’re at a crossroads for the long term. Continued bull cycle or a cool-off period?”
The widely known analyst then goes on to chart the 200-day simple moving average of Bitcoin broken down into 3-day candles. According to Svenson, the bullish proposition of Bitcoin is going to be the same if the BTC stays above the average.
The price of BTC has struck 200/SMA on the 3-day chart. The situation is “very straightforward.” Further, Svenson, it’s a long-term MA, emphasizing the importance of the macro-scale.
Moving above it would mean the bullish MACRO thesis is intact. However, it will mirror a 2018-style position if it goes below, though “we’re still above it.”
The dramatic change in the stock prices will likely influence the future price action, concludes the analyst, despite several predictions on the notable rise or drop of Bitcoin.
Svenson points out that for three months, everyone was busy predicting the next big pump/dump for Bitcoin. Still, it remained neutral, and the analyst predicted that it could remain neutral like this for some time until there is some significant activity in the stock market.
At the time of writing, the price of BTC was standing at $42,413.59, up 1.38% in the last 24 hours.
ALSO READ: Bexplus Exchange Offers 100% Deposit Bonus For ADA, DOGE, BTC, ETH, USDT, XRP
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/04/21/crypto-analyst-says-btc-at-crossroads-of-2018-style-bear-market-eyeing-600-day-sma/