Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers below the $100,000 price.
In a new video, Svenson tells his 82,400 YouTube subscribers that the weekly Relative Strength Index (RSI) indicator, which he considers “one of the most reliable signals for bullish pivots in Bitcoin land,” is suggesting a move to the upside for the flagship crypto asset.
The RSI is a momentum indicator that oscillates between 0 to 100 and is used to determine overbought or oversold levels.
“And now we are seeing, if you look closely, the weekly RSI is starting to peak above the downtrend line…
If we do get a close above this resistance line, well it may indicate a huge leg up for Bitcoin is underway.
Every single major uptrend for Bitcoin that we’ve had since the beginning of 2023 was marked by a weekly RSI breakout every single time. If we do in fact close with a weekly RSI breakout, I’m going to become very bullish on Bitcoin in the short, medium and long term.”
Svenson says that if the RSI indicator successfully breaks out above the resistance line on Bitcoin’s weekly time frame, the flagship crypto could rally by up to 36% from the current level.
“So in between $124,000 – $134,000 is the target range for me on this parabolic trend…
I do expect that after we get this next major punch, this next major parabolic advance to $124,000 or maybe $134,000, there will be some sort of correction that comes alongside that where the market would then settle up and then punch up into the end of the year for a much higher target.”
Bitcoin is trading at $98,797 at time of writing.
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