Crypto analyst and trader Kevin Svenson said Bitcoin (BTC) is sending bullish signals in a similar way to what happened earlier this year.
Svensson told his 78,100 YouTube subscribers that Bitcoin is breaking out of a reversal bottom pattern.
“We are coming out of a reversal bottom pattern. So I would say this is very bullish… Bitcoin is also above the downtrend line of the Relative Strength Index (RSI) on the daily chart. And this is just a signal to continue the rise…”
RSI is an oscillator used to identify oversold or overbought conditions.
According to the analyst, Bitcoin's price movement currently mirrors the situation witnessed just before the flagship cryptocurrency soared to around $73,737 in mid-March.
“This zone is no different than this zone at the beginning of 2024, where the RSI consolidated sideways, hit a resistance line on the downside, and broke above it to new all-time highs.
Bitcoin is playing out the exact same scenario again and could possibly reach new all-time highs. ”
Svensson said Bitcoin is in the fourth stage of a parabolic pattern and could theoretically peak at $90,000. In technical analysis, a parabolic pattern consists of four stages or bases, where the price trades within a certain range at each stage and then continues to rise.
“This is a textbook target of $90,000. This is not a peak target for the cycle. In this bullish cycle, I think we could get above $90,000 considering the halving just happened. But before that, you may need to cool down.
This means Bitcoin could reach the parabolic trend target of $90,000 before breaking the trend with a sideways consolidation. It then pushes further, forming a larger, more expanding parabolic trend. ”
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