A popular crypto analyst says he’s closely following an indicator that has consistently bottomed for Bitcoin (BTC) since 2017.
In a new video, crypto strategist Kevin Svenson urges his 68,200 YouTube subscribers to keep a close eye on Bitcoin’s weekly Coinbase volume, which he says has been an accurate indicator of trend reversals.
“My number one indicator is the indicator that has almost never let me down, and that is Coinbase Weekly Volume. My channel is known for talking about it and giving ups and downs just by looking at Coinbase weekly volume.
The 2017 Top, Major Volume signature on it. Even that $6,000 bottom that we’ve held for almost a year, that jump right there, huge volume surge. Bitcoin hits bottom of 2018 bear market, massive volume signature.
Bitcoin hits the $14,000 top in 2019, a massive volume signature. Bitcoin hits Covid bottom at $3,800, massive volume signature. Bitcoin hits $30,000, our current main support line right there, massive volume signature.”
Credit: Kevin Svenson/Twitter
Svenson says that for bitcoin investors to confidently say the bottom is in, they would need to see a massive surge in volume after a correction.
“It’s unlikely we would get that kind of volume on a jump. Bull trends take time to build. The bull is a conspiring animal that works together like a herd to drive up the price, but the bear is alone. It acts alone, and it comes in and takes over the market very quickly.”
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