Bitcoin price fluctuated at the beginning of August and approached $60,000. Analyst Kevin Svenson stated that the RSI indicator gives a bullish signal. Geopolitical tensions and recession concerns are among the factors affecting the BTC price.
The price fluctuations experienced in July continued in the first days of August. While the price of Bitcoin exceeded $ 70,000 last Monday, it has approached the level of $ 60,000 as of today. However, one of the market's leading analysts evaluated this situation.
Analyst Kevin Svenson said that the Relative Strength Index (RSI) indicator, which usually foretells Bitcoin (BTC) uptrends, has started to give signals again. Sharing his views on YouTube, Svenson stated that the RSI indicator reveals a pattern on the daily chart that could herald a major upward move for Bitcoin. RSI is a momentum indicator used to evaluate whether an asset is overbought or oversold.
Svenson noted that when the RSI breaks out of a downtrend, it reaches a new support level, which usually heralds a major uptrend. He stated that currently the RSI is in the retest zone and if the RSI bounces from its previous resistance to form a new support, it could be a signal of a major upward move. This could mean either a move towards new resistance or a breakout to new all-time highs.
Svenson also noted that Bitcoin's uptrend continues after long sideways moves in early 2023, meaning the price movement at higher market cap may take some time.
He also commented on when Bitcoin's peak price performance might occur. He stated that it took an average of 40 to 80 weeks for Bitcoin to reach its new peak after the halving, and now only 13 or 14 weeks have passed since the halving. This predicted that theoretically we have at least 25 weeks before we reach week 40, which could be completed in January.
Bitcoin price, which was over $65,000 yesterday, dropped to $60,450 in the morning today. Later, the price recovered slightly and is trading around $61,500 after a 4.61% decline in the last 24 hours. It is thought that geopolitical tensions in the Middle East and rising recession concerns in the USA are effective on this price decline. While Bitcoin's market volume decreased to $1.213 trillion, its 24-hour transaction volume increased to $43.2 billion.
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