Bitcoin (BTC) has recently surged over 10% from its 2025 low, catching the attention of traders and analysts. Among them, Kevin Svenson highlights a significant development: a breakout in Bitcoin's Relative Strength Index (RSI) on the weekly chart. This momentum oscillator, used to identify overbought or oversold conditions, breaking its downtrend is considered a strong bullish indicator.
Key Insights
RSI Breakout: The weekly RSI's breakout from its downtrend is viewed by Svenson as a historically bullish signal, often preceding substantial upward price movements.
Projected Timeline: If past patterns hold, Bitcoin could experience a bullish phase lasting 12 to 14 weeks, potentially extending into July or early August.
Current Trading Range: In the short term, Svenson anticipates Bitcoin trading between $91,000 and $96,000, suggesting a period of consolidation before any significant move higher.
Outlook
Svenson's analysis suggests that Bitcoin's recent RSI breakout could mark the beginning of a multi-month bullish trend. While short-term fluctuations are expected, the overall trajectory appears positive, with historical patterns indicating potential for continued growth into the third quarter of the year.
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📢Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions.