Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) amid a recovery that has seen the flagship crypto asset appreciate by around 10% over the last two weeks.
In a new strategy session, Svenson tells his 79,300 YouTube subscribers that “things could get really really bullish” for Bitcoin as the Federal Reserve’s rate-cutting phase begins.
According to Svenson, Bitcoin could hit a new record high over the coming weeks and months.
“I think Bitcoin’s still set for new all-time highs in the coming Q4. I think it’s likely that in Q4 we hit new all-time highs. There may be some chop around [$73,800], still at a slightly higher level. And then going into the New Year, that’s when we might start to see things begin to change.”
The trader says that the Relative Strength Index (RSI), an indicator used to determine overbought or oversold conditions, is also flashing a potentially bullish signal for Bitcoin on the weekly time frame.
“We’re sitting on a potential weekly RSI breakout level. And whenever this happens in the past, this is very bullish. It means like a half year up. Half year up!
And if we get this breakout that means half year pumping into the New Year. Doesn’t mean we’re going to go up in a straight line we could still chop along this level. But then into 2025, we may see a lot more bullishness.”
Bitcoin is trading at $62,951 at time of writing.
Generated Image: Midjourney
