Analyst and trader Kevin Svenson, Bitcoin (BTC) $63,421 He noted that a historically reliable signal for the stock market is on the rise again.
Bitcoin’s Weekly RSI Signal
In a new video to his 79,400 subscribers on YouTube, Svenson said that Bitcoin’s Relative Strength Index (RSI) is repeating a pattern historically seen before major bull runs.
Kevin Svenson: “When we look at Bitcoin on the weekly chart, we see that we have the most reliable signal in the history of Bitcoin. In my opinion, the weekly RSI breakout signal is the most reliable signal of all time… When we clearly break the weekly RSI resistance, we get big rallies… Usually when we break that, it’s at least a six-month uptrend. And guys, we’re getting that signal right now.”
Towards New All-Time High
Based on this indicator, Svenson predicts that Bitcoin will soon break its all-time high price and continue its rise until at least March, which he believes will also lift the broader cryptocurrency market.
Kevin Svenson: “When Bitcoin starts trending towards a new all-time high, for however long it takes, that’s when altcoins start to move. Bitcoin dominance drops, but at the same time Bitcoin is trending the strongest. When Bitcoin is trending the strongest, interest in crypto increases, meaning all the other coins are going up along with Bitcoin. That’s usually how the market plays out.”
Latest Situation in Bitcoin Price
At press time, Bitcoin is trading at $63,089, up 4.1% in the past week.
Positive signals in Bitcoin’s technical indicators are increasing investors’ and analysts’ expectations. In particular, the upcoming halving event and continued institutional interest are considered positive signs for the future of the market. However, it should be noted that macroeconomic factors and regulatory developments can also affect the price. Investors should be careful about risk management and market monitoring.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
