Bitcoin analyst and trader Kevin Svenson is feeling optimistic about Bitcoin (BTC) as it remains below the $100,000 mark.
Sharing his insights in a recent YouTube video with his 82,400 subscribers, Svenson highlights the weekly Relative Strength Index (RSI) indicator as a key signal for potential bullish momentum in Bitcoin.
The RSI, which ranges from 0 to 100, is a momentum indicator used to identify overbought or oversold conditions.
“Currently, we can see the weekly RSI starting to break above the downtrend line… If this resistance is surpassed, it could indicate a significant upward movement for Bitcoin,” Svenson explains.
He adds, “Historically, every major Bitcoin uptrend since 2023 has been accompanied by a breakout in the weekly RSI. A breakout now could signal a bullish trend for Bitcoin in the short, medium, and long term.”
Svenson predicts that if Bitcoin’s weekly RSI breaks above the resistance line, the crypto could surge by up to 36% from its current value.
“I’m looking at a target range between $124,000 to $134,000 for this parabolic trend… After this significant move, there may be a correction followed by another rally towards the end of the year,” he elaborates.
At the time of writing, Bitcoin is priced at $98,797.
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