Bitcoin Analyst Forecasts Major Uptrend with Key Indicator

Kevin Svenson, a cryptocurrency analyst and trader, suggests that Bitcoin (BTC) may be poised for a significant upward movement, citing one particular indicator.

He emphasizes the potential of the Relative Strength Index (RSI) oscillator as a leading indicator, particularly in predicting major market moves.

Svenson highlights the RSI indicator on the daily chart, noting its potential signal for Bitcoin to rally and surpass its previous all-time high of approximately $73,800 achieved last month.

Drawing parallels with past price action, Svenson underscores the significance of RSI downtrend line breakouts, which historically coincide with substantial upward movements in Bitcoin’s price.

Observing Bitcoin’s current daily RSI trend, Svenson suggests that the cryptocurrency could be on the verge of another significant push to new highs.

He points out that Bitcoin is forming a bullish pattern, with the completion of this pattern potentially aligning with the RSI indicator signaling upside potential around April 20th.

Svenson speculates that a breakout to new highs during this period, possibly coinciding with the halving event, would generate substantial bullish sentiment.

The widespread media coverage and increased demand resulting from such a development could fuel further upward momentum in Bitcoin’s price.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.