Veteran crypto analyst and trader Kevin Svenson has seen Bitcoin (BTC) gain nearly 10 percent in the past two weeks. $63,421 expects the rise to continue.
Fed Rate Cuts Could Support Bitcoin
In a recent strategy session, Svenson said that with the Fed moving into the interest rate cut phase, a “very, very positive” period may have begun for Bitcoin. Svenson believes that Bitcoin could reach a new record high in the coming weeks and months.
“I think Bitcoin will reach new all-time highs in the fourth quarter of this year. We are likely to reach new highs in the fourth quarter. There may be fluctuations around $73,800 or a little higher. We can expect changes to begin as we enter the new year,” the analyst said.
RSI Indicator Gives Strong Bullish Signals
The analyst noted that the Relative Strength Index (RSI), which is used to determine overbought or oversold conditions, is potentially bullish for Bitcoin on the weekly time frame, saying:
We are at a potential weekly RSI breakout level. It has been a very positive sign when this has happened in the past. It would mean about half a year of upside. Half a year of upside! If we do breakout, it would mean half a year of upside until the new year. It doesn’t mean we’re going to go up in a straight line; we could fluctuate at this level. But we could see a lot more upside as we enter 2025.
Svenson says that Bitcoin’s long-term outlook is positive and technical indicators support it. The analyst recommends investors to closely monitor the market and evaluate potential opportunities. Bitcoin’s future performance will continue to be closely linked to market conditions and global economic developments.
Bitcoin’s performance in the upcoming period is being followed with great interest by investors and analysts. The combination of technical indicators and macroeconomic factors can lead to significant movements in the cryptocurrency market. It is important for investors to make informed decisions by taking into account market trends and expert opinions.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
