Bitcoin Analyst Points To Secret Signal For 'Very Very Bullish' Phase

Cryptocurrency analyst and trader Kevin Svenson has sparked excitement in the crypto community by highlighting a technical indicator that historically preceded major Bitcoin breakouts.

What Happened: In a recent YouTube video, Svenson pointed to a breakout in the daily Relative Strength Index (RSI) for Bitcoin BTC/USD, coinciding with a resistance trend line breakout on the price chart.

“This RSI downtrend line breakout lines up with our resistance trend line breakout. So this is also very bullish, very positive to see – points to bullish continuation,” Svenson explained.

Svenson emphasizes the historical significance of this indicator.

“This has been a requirement for past breakouts,” he said.

“Whenever we get above that RSI resistance line, whenever we break out that is the moment that things begin to get very very bullish.”

Also Read: Bitwise CIO: Bitcoin’s Rise Isn’t Just Hype — Real-World Use Cases Are Surging

Svenson further bolstered his bullish case by pointing to Bitcoin’s breakout from a symmetrical triangle pattern on the four-hour chart.

While this pattern can be either bullish or bearish depending on the direction of the breakout, Bitcoin’s upward move suggests positive momentum.

Based on this technical analysis, Svenson predicts a potentially significant price increase for Bitcoin. “Looking at the four-hour chart Bitcoin has broken above resistance,” he said.

“We are now getting potential signs of bullish continuation which could lead us very likely to new yearly highs, a new all-time high.”

What’s Next: For those interested in learning more about technical indicators and their role in crypto trading strategies, the Benzinga Future of Digital Assets conference, happening on Nov. 19, could be a valuable resource.

This event will feature industry experts discussing technical analysis, investment strategies, and the future of digital assets.

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Image created using artificial intelligence with Midjourney.