Analyst and dealer Kevin Svenson is leaning bullish on Bitcoin (BTC) amid a rally of over 10% by the crypto king for the reason that 2025 low reached earlier this month.
In a brand new technique session, Svenson tells his 82,800 YouTube subscribers that Bitcoin is trying bullish after the Relative Power Index (RSI) indicator broke out of a downtrend on the crypto king’s weekly time-frame.
The RSI is a momentum oscillator used to find out oversold and overbought situations.
“Bitcoin has now seen one more weekly RSI breakout. This is likely one of the most bullish indicators that we’ve seen over the previous, nicely, perpetually really. Each time Bitcoin will get considered one of these weekly RSI downtrend breakouts, we see humongous swings to the upside. These weekly RSI breakouts aren’t any joke.”
In accordance with Svenson, Bitcoin may witness a bullish interval that might final into the third quarter of this 12 months if historical past repeats itself.
“And sometimes when you do a depend [of the weekly RSI breakouts in Bitcoin’s history], these runs final sometimes about 12 to 14 weeks… which lands us at someplace in July… or early August. So meaning we now have a number of months … finish of July. Which means the remainder of April, Might, June, July to see an uptrend type for Bitcoin.”
The analyst says that over the quick time period, Bitcoin is more likely to commerce in a variety at roughly between $91,000 and $96,000 earlier than transferring increased.
“Bitcoin has made a bullish pivot, we’re above the downtrend line…
…we’ve made vital progress over the previous two days and there may be room for extra upside. We’re additionally sitting at a resistance so possible we get plenty of chop on this zone slightly than simply anticipating straight strains.”
Bitcoin is buying and selling at $93,837 at time of writing.
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