Analyst Predicts Bullish Momentum for Bitcoin Following Recent Price Surge
18.10.2024 8:00 1 min. read Kosta Gushterov
Crypto expert Kevin Svenson is optimistic about Bitcoin (BTC) following a significant surge this past week.
Svenson points out a bullish signal on the weekly chart from the Relative Strength Index (RSI), a tool that helps identify overbought or oversold conditions.
He explains that major weekly RSI breakouts have historically led to strong bullish trends, and Bitcoin’s current breakout could suggest significant price increases ahead.
Svenson anticipates that Bitcoin is entering a phase of expansion that could last from six months to a year, projecting an upward trajectory at least until March 2025.
When discussing the timeline for reaching new all-time highs, Svenson cautions that things can change rapidly in the crypto market. He believes a powerful weekly candle could propel Bitcoin past its previous records in a very short time.
Svenson remains bullish, noting that previous Bitcoin bull markets often align with U.S. election cycles, which may again lead to new highs.
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