Analyst and trader Kevin Svenson leans Bullish on Bitcoin (BTC) while the flagship Crypto assets floats below the price of $ 100,000.
In a new video, Svenson tells His 82,400 YouTube subscribers that the weekly relative strength -index (RSI) indicator, which he regards as “one of the most reliable signals for Bullish Pivots in Bitcoin Land”, suggests a switch to the top for the Crypto Asset flagship.
The RSI is a momentum indicator that oscillates between 0 and 100 and is used to determine overbought or over-sold levels.
“And now, if you look closely, we see the weekly RSI starting to peak above the downward line …
If we come to an end above this resistance line, this may indicate a huge leg for Bitcoin is going on.
Every large upward trend for Bitcoin that we have had since the beginning of 2023 was marked every time by a weekly RSI outbreak. If we actually close with a weekly RSI outbreak, I will be very bullish on Bitcoin in the short, medium and long term. “
Svenson says that if the RSI indicator successfully breaks out above the resistance line on Bitcoin’s weekly period, the flagship Crypto could collect up to 36% from the current level.
“So between $ 124,000 – $ 134,000, the target range is for me on this parabolic trend …
I do expect that after we have received this next big punch, this next large parabolic advance up to $ 124,000 or maybe $ 134,000, there will be a kind of correction that would settle down where the market would then and then at the end of the year for A much higher target. “
Bitcoin acts at $ 98,797 at the time of writing.
https://www.youtube.com/watch?v=Y5BPPLL5LY8
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