Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) amid a rally that has seen Bitcoin go up by nearly 15% over the past six days.
Svenson tells his 80,000 YouTube subscribers in a new video that the Relative Strength Index (RSI) indicator, a momentum oscillator used for identifying oversold or overbought conditions, is flashing a bullish signal on the weekly time frame.
“…every time you get a major weekly RSI breakout, the trend usually becomes ultra bullish…
…the weekly RSI breakout led to a huge run and now Bitcoin once again has shown us that exact signal, a weekly RSI breakout. And that will likely lead to a huge run…”
According to Svenson, Bitcoin will be in an expansionary phase over the coming weeks and months.
“…what it means is that we’re entering an expansion phase. And the weekly RSI breakout expansion phases last anywhere from six months to a year, which means until at least March of next year – anywhere from 6 months to a year is what we get. So until at least March of 2025 at least we’re going to be going up.”
On when Bitcoin is likely to reach a new all-time high, the crypto analyst and trader says,
“Things can change really fast. We could get there in a day, a week. All it takes is one good weekly candle and we’re above the all-time high…
…I still think we’re going to be trending up. I’m very bullish on this market, it is the [US general] election season and last two bull markets or pretty much every bull market in Bitcoin history began right around the election and we hit new all-time highs and it’s happening again.”
Bitcoin is trading at $67,686 at time of writing, up by around 15% from a low of $59,019 recorded on October 10th.
Generated Image: Midjourney
