Bitcoin Indicator That Predicted Bull Run Weeks Ago Suggests BTC Pretty Close to New Record Highs: Kevin Svenson

“If you look at the RSI and you look at all the past price action, the daily RSI downtrend line breakouts are very very good indicators. It usually indicates the next major push to the upside. And now for Bitcoin, we are playing this out once again. Just like the [spot Bitcoin] ETF (exchange-traded fund) approval when we had the sell-the-news event, once we broke the RSI downtrend line that’s when we got new highs in price.

Bitcoin’s daily RSI is once again sitting in another downtrend. And whenever we got these in the past, that usually indicated the next push to new highs. And so we could be pretty close to this happening.”

“We could actually be breaking out up to new highs during the halving which would be overall very bullish. Because if we’re breaking out during the halving, it’s going to be all over the news. And it’s going to incite a lot of upside pressure, a lot of demand, a lot of bullish price action.”

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