Cryptocurrency analyst and dealer Kevin Svenson is saying Bitcoin (BTC) may very well be on the cusp of a major upward transfer based mostly on one indicator.

Svenson tells his 74,800 YouTube subscribers that the Relative Energy Index (RSI) oscillator “can typically be a number one indicator” and that it may probably show helpful in predicting the “subsequent main transfer”.

Based on Svenson, the RSI indicator on the every day chart is signaling a possible for Bitcoin to rally and break above the all-time excessive of round $73,800 reached final month.

“Should you take a look at the RSI and also you take a look at all of the previous worth motion, the every day RSI downtrend line breakouts are very excellent indicators. It normally signifies the subsequent main push to the upside. And now for Bitcoin, we’re taking part in this out as soon as once more. Identical to the [spot Bitcoin] ETF (exchange-traded fund) approval once we had the sell-the-news occasion, as soon as we broke the RSI downtrend line that’s once we received new highs in worth.

Bitcoin’s every day RSI is as soon as once more sitting in one other downtrend. And at any time when we received these prior to now, that normally indicated the subsequent push to new highs. And so we may very well be fairly near this occurring.”

Bitcoin is buying and selling at $66,529 at time of writing.

The analyst and dealer says that Bitcoin is forming a bullish sample and its completion may coincide with the RSI indicator signaling upside potential round April twentieth.

“We may truly be breaking out as much as new highs throughout the halving which might be total very bullish. As a result of if we’re breaking out throughout the halving, it’s going to be everywhere in the information. And it’s going to incite loads of upside stress, loads of demand, loads of bullish worth motion.”

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