Bitcoin Indicator That’s Preceded Past Breakouts Suggesting ‘Very Very Bullish’ Phase Ahead, Says Kevin Svenson

Cryptocurrency analyst Kevin Svenson has expressed bullish sentiment on Bitcoin (BTC), suggesting a potentially “very very bullish” phase ahead. Svenson points to the Relative Strength Index (RSI) indicator on the daily chart, which confirms the end of a bearish trend for Bitcoin. The RSI is a popular momentum oscillator that indicates overbought or oversold conditions in the market. When the RSI breaks above resistance levels, it has historically signaled a bullish continuation for Bitcoin. Additionally, Svenson notes that Bitcoin has broken out of the upper trend line of a symmetrical triangle pattern, further suggesting bullish price action. He believes Bitcoin could potentially surpass its previous all-time high of $73,737. At the time of writing, Bitcoin is trading at $69,037, approximately 6.4% below its record high.