Analyst and trader Kevin Svenson is saying that a historically accurate signal is once again flashing bullish for Bitcoin (BTC).
In a new strategy session, Svenson tells his 79,400 YouTube subscribers that Bitcoin’s Relative Strength Index (RSI) is suddenly repeating a pattern that has historically preceded massive bull runs that lasted for at least six months.
“Now taking a look at Bitcoin on the weekly chart, we can see that we are getting the most reliable signal throughout Bitcoin history. In my opinion, the weekly RSI breakout signal is the most reliable signal of all time… Whenever we clearly break the weekly RSI resistance, we go on major runs…So usually when we break this, it’s at least six months to the upside. And guys, that’s where we are. We’re getting the signal right now.”
The RSI indicator is a momentum oscillator used to determine whether an asset is oversold or overbought.
He predicts that based on the indicator, Bitcoin will soon break out to hit its all-time high price and continue upward until at least March, lifting up the broader crypto market along with it.
“Once Bitcoin begins trending into that new all-time high, however long that may take, that’s when the altcoins begin to kick off. That’s when Bitcoin dominance drops, but that is also when Bitcoin trends the hardest. And when Bitcoin is trending the hardest, interest in crypto goes up, which means all the other coins start pumping with Bitcoin, sort of like an everything season. That is usually how this plays out in this market.”
Bitcoin is trading for $63,089 at time of writing, up 4.1% in the last week.
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