Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) as the crypto king hovers below a price of $100,000.
In a new video, Svenson tells his 82,300 YouTube subscribers that the Relative Strength Index (RSI) indicator, which is used to determine oversold or overbought market conditions, is signaling a move to the upside for Bitcoin on the weekly time frame.
[adinserter block="1"]According to Svenson, the RSI indicator on the weekly timeframe is currently mirroring what has previously led to significant breakouts.
“Every time we get a break of the weekly RSI downtrend line, there is a major pump that follows. We had our first one back here in December 2022 which led to a 95% rise in price. In October 2023, we broke the weekly RSI downtrend again and that led to an 80% rise. The next time we did it shortly after that in January 2024… that led to a 73% rise. And here in September of 2024, that led to a 100% rise in price.
And here is Bitcoin once again coming up on the weekly RSI downtrend line. We are actually pretty close to a possible weekly RSI breakout. And as you can see without fail, this indicator, this signal is one of the best, one of the most reliable signals for a long-term breakout to the upside.”
The analyst and trader says that Bitcoin could go up by up to 39% from the current level if the breakout occurs.
“…from high to low of the December monthly candle, if we were to get a breakout that could lead us to $134,000. And that would perfectly align with the textbook parabolic trend diagram…
…we are currently at base four going into the vertical point and that vertical push may send us up to $134,000. I mean what a move, what a pump.”
Bitcoin is trading at $96,180 at time of writing.
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