Cryptocurrency analyst Kevin Svenson is optimistic about Bitcoin’s future, citing the breakout of the Relative Strength Index (RSI) indicator on the daily chart.
RSI Breakout: End of Bearish Trend
The RSI is a momentum indicator that measures overbought and oversold conditions. Svenson notes that the RSI has broken out of its downtrend, signaling the end of the bearish trend for Bitcoin.
Symmetrical Triangle Breakout
Svenson also points to Bitcoin’s breakout from the upper trend line of a symmetrical triangle pattern. This pattern can be bullish or bearish, but Svenson believes the breakout is a positive sign.
Potential for New Highs
Svenson predicts that Bitcoin could break above its record high of $73,737. He sees the breakout as a sign of potential bullish continuation and new yearly highs.
Current Market Conditions
At the time of writing, Bitcoin is trading at $69,037, slightly below its all-time high. Svenson emphasizes that this is not investment advice and that investors should do their own research before making any decisions.
