Bitcoin Poised for Big Surge? Top Analyst Flags Key Indicator for Major Upswing

Kevin Svenson, a crypto analyst and trader, has highlighted a promising signal for Bitcoin's price movement.

He points to the Relative Strength Index (RSI) as a key indicator suggesting a potential upward trend for Bitcoin (BTC).

The RSI, which measures momentum and helps identify if an asset is oversold or overbought, currently shows a pattern on the daily chart that has previously foreshadowed significant gains for Bitcoin.

Svenson explains that when the RSI exits a downtrend and later reestablishes itself as support, it often precedes a substantial price increase. He notes that Bitcoin is currently testing this RSI resistance, and if it holds as new support, it could signal another major price move or even a new all-time high.

READ MORE:

The Risks of Investing in Bitcoin May Still Be Worth it

Svenson compares the current market behavior to a pattern observed in early 2023, when Bitcoin experienced a prolonged period of stable pricing before a dramatic surge.

He suggests that Bitcoin’s higher market capitalization might mean the price adjustments could take longer, but he remains optimistic about the market’s future direction.

Regarding when Bitcoin might hit new highs in the current bull market, Svenson refers to historical data, indicating that it typically takes 40 to 80 weeks after a price halving to reach new peaks. With the recent halving occurring just 13 or 14 weeks ago, he anticipates that Bitcoin could reach its new high anywhere from 25 weeks to 80 weeks from now, placing the potential peak between January and mid-2025.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.