Analyst and trader Kevin Svenson is bullish on Bitcoin (BTC) amid a bull market that has seen the currency rise nearly 15% over the past six days.
In a new video, Svensson tells his 80,000 YouTube subscribers that the Relative Strength Index (RSI) indicator, a momentum oscillator used to identify oversold or overbought conditions, is bullish on a weekly basis. He said he was sending a signal.
“…whenever there is a big weekly RSI breakout, the trend usually becomes super bullish…
…The weekly RSI breakout led to a massive rally, and now Bitcoin is once again showing that exact signal: the weekly RSI breakout. And that will probably lead to a big breakthrough…”
According to Svensson, Bitcoin will enter an expansionary phase over the coming weeks and months.
“…What that means is we are entering an expansion phase, and the expansion phase of the weekly RSI breakout will last from 6 months to a year, or at least until March of next year. So we're looking at six months to a year, so it's going to go up at least until March of 2025.”
Regarding when Bitcoin could hit new all-time highs, a cryptocurrency analyst and trader said:
“Things can change really quickly. They could arrive in a day or a week. All it takes is one weekly candle and we can move past all-time highs. Masu…
…I think it's still on an upward trend. I'm very bullish on this market. [US general] The election season and the last two bull markets, or pretty much every bull market in Bitcoin's history, started around elections and hit new all-time highs, and it's happening again. ”
At the time of writing, Bitcoin is trading at $67,686, an increase of about 15% from the low of $59,019 recorded on October 10th.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me ×Facebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey
