Cryptocurrency Analyst Kevin Svenson Predicts Major Momentum for Bitcoin (BTC)
Cryptocurrency analyst and trader Kevin Svenson is pointing towards a key indicator that suggests significant momentum for Bitcoin (BTC) in the near future.
Svenson, who has a following of 83,500 subscribers on YouTube, highlights the relative strength index (RSI) as the indicator to watch. The RSI is a momentum oscillator that helps to identify overbought or oversold conditions in the market. Svenson notes that the daily RSI is currently showing a signal that has historically preceded major rallies in the past, such as those seen in October 2023, February 2024, and November 2024.
“Bitcoin’s daily RSI is attempting to bounce off of the overbought zone. When you break out and enter the overbought territory, it can often be a bullish signal, contrary to common belief that overbought conditions are always negative.”
The RSI ranges from zero to 100, with readings below 30 indicating oversold conditions and readings above 70 indicating overbought conditions. Svenson believes that Bitcoin could potentially see a 20% increase from its current level in the coming months, reaching a cycle peak.
“Bitcoin is breaking above resistance levels and entering the overbought zone, signaling significant momentum. My target for this run is around $142,000, which I expect to reach within a few months, potentially by October of this year. Historical data shows that the bear market typically begins around 80 weeks after the halving event, aligning with a possible downturn by the end of October.”
As of now, Bitcoin is trading at $118,994.
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