Analyst and trader Kevin Svenson has claimed that a historically reliable signal for Bitcoin ($BTC) to $63,293 is bullish again. According to the analyst, this pattern seen in Bitcoin's weekly RSI signal could be a sign of a major bull run.

Speaking to his YouTube followers, Svenson said Bitcoin’s Relative Strength Index (RSI) is repeating a pattern seen before major price rallies. Svenson said the weekly RSI has broken through its resistance level, which could lead to at least a six-month uptrend.

Based on this indicator, Svenson predicts that Bitcoin will soon break its all-time high and continue to rise until at least March. He believes that this will also boost the cryptocurrency market in general.
Svenson said they got the most reliable signal on Bitcoin's weekly chart. Breaking the weekly RSI resistance level usually leads to a large increase, often indicating a six-month uptrend.

At the time of writing, Bitcoin is trading at $63,089, up 4.1% over the past week. Positive signals from Bitcoin’s technical indicators are raising expectations among investors and analysts.

This significant breakout in Bitcoin’s weekly RSI is attracting the attention of analysts and indicates the beginning of a six-month uptrend. However, it is important to remember the volatility of the market and the importance of risk management. Investors should do their own research and be careful about risk management.

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