Analyst and trader Kevin Svenson is expressing a bullish outlook on Bitcoin (BTC) as the leading cryptocurrency trades below $100,000.
In a recent video, Svenson informs his 82,400 YouTube followers that the weekly Relative Strength Index (RSI) is indicating a potential upward movement for Bitcoin, which he regards as “one of the most dependable indicators for bullish reversals in the Bitcoin space.”
The RSI functions as a momentum oscillator that ranges from 0 to 100 and is utilized to identify overbought or oversold conditions.
“Currently, if you observe closely, the weekly RSI is beginning to rise above the downtrend line…
If we achieve a close above this resistance line, it could signal a significant upward movement for Bitcoin is on the horizon.
Every major uptrend for Bitcoin in 2023 has been preceded by a weekly RSI breakout. If we succeed in closing with a weekly RSI breakout, I’ll become very optimistic about Bitcoin’s prospects in the short, medium, and long term.”
Svenson mentions that if the RSI indicator breaks above the resistance level on Bitcoin’s weekly chart, the leading cryptocurrency could potentially surge by as much as 36% from its current position.
“So my target range on this parabolic trend is between $124,000 – $134,000…
I anticipate that following this significant upward movement to $124,000 or possibly $134,000, there will be some form of correction where the market will consolidate before pushing higher towards the end of the year.”
At the time of this report, Bitcoin is trading at $98,797.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their own due diligence before engaging in any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any potential losses are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
