Crypto analyst and trader, Kevin Svenson, says that Bitcoin (BTC) could be on the verge of a significant bullish move based on an indicator.

Svenson told his 74,800 YouTube subscribers that the Relative Strength Index (RSI) “can sometimes be a leading signal” and that it can be helpful in predicting “the next important move.” .

According to Svenson, the RSI on the daily chart is signaling the potential for Bitcoin to rise and surpass its ATH of around $73,800 reached last month.

“If you look at the RSI and consider all the past price action, a breakout of the RSI's daily downtrend line is a very good signal. It often creates a large push to push prices upward. And now, BTC is forming a similar pattern. Just like when the Bitcoin spot ETFs were approved, the market witnessed a true selling event, the price broke the RSI downtrend line and then a strong rally towards the current ATH. Bitcoin's daily RSI is once again in another downtrend. And whenever we achieved these in the past, BTC continued to climb to new highs.”

The analyst says that Bitcoin is forming a bullish pattern and the completion of this pattern could coincide with the RSI signaling a potential spike around April 20.

“We could really break out to new highs during the halving, the market will be very optimistic. Halving will cause a lot of upward price pressure, a lot of demand and price volatility.”

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