A historically significant signal is making waves in the Bitcoin $BTC
market, and it could set the stage for a massive rally. According to renowned analyst Kevin Svenson, Bitcoin’s weekly Relative Strength Index (RSI) is flashing a pattern that has often preceded major bull runs.
Sharing insights on his YouTube channel, Svenson revealed that Bitcoin's weekly RSI has breached a critical resistance level, which typically signals the start of a prolonged uptrend. Based on this indicator, he predicts that Bitcoin could soar past its all-time high, with the momentum possibly extending until March.
At present, Bitcoin is trading at $63,089, reflecting a 4.1% increase over the last week. The bullish signals from the technical indicators are boosting investor confidence, with many expecting a continuation of this upward trajectory.
However, it's crucial to stay vigilant. Market volatility is ever-present, and risk management remains key. Always conduct thorough research before making any investment decisions.