Crypto analyst and trader Kevin Svenson said Bitcoin (BTC) could be on the verge of a big rally based on certain indicators.
Svensson tells his 74,800 YouTube subscribers that the Relative Strength Index (RSI) oscillator “can be a leading indicator” and can help predict “the next big move.” .
Svensson said the RSI indicator on the daily chart suggests that Bitcoin could rise and surpass last month's all-time high of about $73,800.
“If you look at the RSI and look at all the price movements in the past, a breakout of the daily RSI downtrend line is a very good indicator. This usually indicates the next big move up. And now , we're doing this again for Bitcoin. Exactly, [spot Bitcoin] The exchange-traded fund (ETF) was approved when there was a news selling event when the RSI downtrend line was broken and the price made a new high.
Bitcoin’s daily RSI is once again in a downtrend. And when we've had these values in the past, they've usually indicated a rally to the next high. So we could be pretty close to this happening. ”
At the time of writing, Bitcoin is trading at $66,529.
Analysts and traders say that Bitcoin has formed a bullish pattern and its completion could coincide with the RSI indicator indicating a possible uptrend around April 20th.
“It's actually possible that we could break out to new highs on the halving, which would be very bullish overall, because if we break out on the halving, it's going to be all over the news. And that's going to cause a lot of upside pressure, a lot of demand, a lot of bullish price action.”
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