There has been significant activity in the crypto market lately. Bitcoin 
$67,355has increased by 15% in the past six days, attracting the attention of investors again. While this rise revived the hopes of many analysts and investors, famous analyst and trader Kevin Svenson also evaluated this positive picture. Svenson said that Bitcoin’s recent movements are a harbinger of its future expansion phase.
RSI Indicator: Continuation Signal of Ascension
Kevin Svenson drew attention to Bitcoin’s Relative Strength Index (RSI) indicator in his latest video on his YouTube channel. The RSI indicator is an important technical analysis tool to understand whether an asset is in the overbought or oversold zone. Svenson emphasized that a break in Bitcoin’s weekly RSI indicator generally indicates uptrends. He stated that Bitcoin experienced significant increases at previous breaking points of this indicator.
“With every major weekly RSI breakout, the trend is usually extremely bullish,” Svenson said, warning investors to pay attention to this indicator’s signals. This technical data stands out in the eyes of the analyst as a strong sign that Bitcoin can make serious gains in the coming period.
Has the Growth Phase Started for Bitcoin?
Another important point that Kevin Svenson draws attention to is that Bitcoin may have entered the expansion phase. The expansion phase is defined as a period in which the price rises steadily, and it is stated that this phase can last for months. Svenson said that, in line with the signal given by the RSI indicator, Bitcoin could be in this expansion phase for the coming weeks and even months. This process may be a period in which the value of Bitcoin will increase steadily and reach new peaks.
“Weekly RSI breakout expansion phases can last from six months to a year,” Svenson said. “This could enable Bitcoin to gain value until at least March 2025,” he said, emphasizing his optimism towards the market.
Expectations Are Increasing for the New Record
Bitcoin is currently trading at $67,686. The leading cryptocurrency, which has experienced a 15% recovery from the $ 59,019 drop recorded on October 10, may be laying the groundwork to break new records. Kevin Svenson stated that he believes this rise will continue and that it is difficult to predict when Bitcoin may reach its new all-time high. The analyst said, “Markets can change very quickly. “This may happen within a day or a week,” he said, pointing out that the rise could come quickly.
Analysts and investors continue to closely monitor Bitcoin’s price movements, as Svenson noted. Since RSI signals have resulted in an increase in the past, it is thought that a similar movement may occur this time. Investors are trying to determine their strategies by taking this data into consideration.
In conclusion, Kevin Svenson’s evaluations paint a positive picture regarding Bitcoin’s future performance. The breakout in the RSI indicator and the beginning of the expansion phase raises hopes that Bitcoin can reach new highs.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
