Bitcoin Indicator That Predicted a Bull Run Weeks Ago Suggests BTC Is Pretty Close to New Record Highs: Kevin Svenson
Cryptocurrency analyst and trader Kevin Svenson says Bitcoin (BTC) could be on the cusp of a significant uptrend based on one indicator.
Svenson tells his 74,800 YouTube subscribers that the Relative Strength Index (RSI) “can sometimes be a leading indicator” and that it may prove useful in predicting the “next big move.”
According to Svenson, the RSI indicator on the daily chart signals that Bitcoin has the potential to rally and break above the all-time high of around $73,800 reached last month.
“If you look at the RSI and overall past price action, the daily breakouts of the RSI downtrend line are very, very good indicators. It usually signals the next big upward push. And now when it comes to Bitcoin, let's play this out again. Just like them [spot Bitcoin] When we had the Sell the News event, we got approval for ETFs (Exchange Traded Funds). We reached new price highs as we broke through the RSI descending trend line.
Bitcoin’s daily RSI is once again in a downtrend. And whenever we reached these in the past, it usually signaled the next push to new highs. And so we could be pretty close to that event.”
Source: Kevin Svenson/YouTube
Bitcoin is trading at $66,529 at the time of writing.
The analyst and trader says Bitcoin is forming a bullish pattern and that its close could coincide with the RSI indicator, which signals upside potential around April 20.
“We could actually hit new highs during the halving, which would be very bullish overall. Because if we break out during the halving, it will be all over the news. And it will create a lot of upward pressure, a lot of demand and a lot of bullish price action.”
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