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Home»Bitcoin»Bitcoin Five Days Away From Confirming ‘Reliable’ Macro Breakout Signal, Says Analyst Kevin Svenson
Bitcoin

Bitcoin Five Days Away From Confirming ‘Reliable’ Macro Breakout Signal, Says Analyst Kevin Svenson

April 15, 2025No Comments2 Mins Read
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A Promising Signal for Bitcoin: Analyst Predicts Bullish Reversal

A highly respected crypto strategist has recently shared his thoughts on Bitcoin’s potential for a strong bullish reversal signal in the near future. Kevin Svenson, an analyst with a significant following on social media, believes that Bitcoin is on the verge of confirming a bullish trend shift.

Weekly RSI Breakout on the Horizon

Svenson is closely monitoring Bitcoin’s weekly relative strength index (RSI) indicator, a key momentum oscillator used by traders to identify potential trend reversals. According to his analysis, BTC’s weekly RSI is approaching a critical diagonal resistance level that has kept the market bearish since January. To validate the breakout, Bitcoin must maintain its position above the downtrend line for the remainder of the week.

Image
Source: Kevin Svenson/X

Historically, weekly RSI breakouts have signaled the beginning of significant Bitcoin rallies, as illustrated by Svenson’s chart analysis. The impending breach of the diagonal resistance could pave the way for a notable upward movement in the price of BTC.

Altcoin Season Anticipation

While focusing on Bitcoin, Svenson also comments on the potential for an altcoin season to kick off once a major cryptocurrency, such as Ethereum, enters a bullish phase. He emphasizes that a true altseason will only commence when Ethereum experiences a substantial price surge.

Image
Source: Kevin Svenson/X

At the time of writing, Ethereum is valued at $1,631, reflecting the anticipation surrounding its potential impact on the broader altcoin market.

Stay Informed with The Daily Hodl

For the latest updates on cryptocurrency trends and market analysis, be sure to follow The Daily Hodl on X, Facebook, and Telegram. Subscribe to receive email alerts and stay informed about price actions and market developments. Don’t miss out on the latest insights and updates from the world of cryptocurrencies.

See also  Bitcoin (BTC) Hashrate Growth Slows Amid Tough Market Conditions for Smaller Miners

Generated Image: Midjourney

Analyst Bitcoin Breakout Confirming Days Kevin Macro Reliable Signal Svenson
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