Analyst Kevin Svenson is predicting a significant Bitcoin (BTC) price surge. His bullish outlook is based on a key technical indicator.
A Key Indicator Points Up
Svenson, who boasts a large YouTube following, points to a breakout in Bitcoin’s weekly Relative Strength Index (RSI). He calls this “one of the most bullish signals” he’s ever seen. Historically, similar RSI breakouts have led to substantial price increases.
Predicting the Rally
Svenson believes this bullish period could last until July or August. He bases this prediction on the typical duration of past similar rallies—around 12 to 14 weeks. This means potential gains throughout April, May, June, and July.
Short-Term Price Action
In the short term, Svenson anticipates Bitcoin trading between $91,000 and $96,000 before a further climb. He notes that Bitcoin has already broken above a key downtrend line, suggesting further upward momentum.
Disclaimer
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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