Analyst and trader Kevin Svenson has highlighted a historically reliable signal that is once again flashing bullish for Bitcoin (BTC).
Bitcoin’s Weekly RSI Signal
In a new video to his 79,400 YouTube subscribers, Svenson pointed out that Bitcoin’s Relative Strength Index (RSI) is displaying a pattern typically seen before major bull runs. Svenson stated: “When we look at Bitcoin on the weekly chart, we’re seeing the most reliable signal in Bitcoin’s history. In my opinion, the weekly RSI breakout signal is the most trustworthy of all… When we break through the weekly RSI resistance, we usually experience massive gains… Typically, after this signal, we enter a bullish trend for at least six months. And right now, we’re getting that signal.”
Heading Toward New All-Time Highs
Based on this indicator, Svenson predicts that Bitcoin is on track to break its previous all-time high and continue rising, possibly until March. He believes this upward movement will also lift the broader crypto market.
Svenson added: “When Bitcoin starts forming a trend toward a new all-time high, that’s usually when altcoins start moving as well. Bitcoin dominance may fall, but it’s also when Bitcoin is trending most strongly. When Bitcoin is trending, interest in crypto increases, which means all other coins tend to rise alongside Bitcoin. This is typically how the market behaves.”
Current Bitcoin Price and Market Outlook
At the time of writing, Bitcoin is trading at $63,089, reflecting a 4.1% increase over the past week.
Positive technical signals for Bitcoin have fueled optimism among both investors and analysts. Factors such as the upcoming halving event and sustained institutional interest are seen as bullish signs for the market’s future. However, macroeconomic factors and regulatory developments could also impact price movements. Investors are advised to remain cautious with risk management and continue monitoring the market.
For more updates on Bitcoin’s potential and market movements, follow Deythere.
Bitcoin, Kevin Svenson, RSI, bullish trend, all-time high
