Cryptocurrency analyst and trader Kevin Svenson is saying that Bitcoin (BTC) is flashing bullish signals in a similar manner to what happened earlier this year.
Svenson tells his 78,100 YouTube subscribers that Bitcoin is breaking out of a reversal bottom pattern.
“We are breaking out of a reversal bottom pattern. So this is really bullish, I would say… Bitcoin is also above the Relative Strength Index (RSI) downtrend line on the daily chart. And this is just a signal for continuation to the upside…”
The RSI is an oscillator used to identify oversold or overbought conditions.
According to the analyst, Bitcoin’s price action is currently mirroring what was witnessed just before the flagship crypto asset surged to around $73,737 in mid-March.
“It’s no different than this zone in early 2024 when we had a sideways consolidation, downward sloping resistance on the RSI and we broke out leading us to new all-time highs.
Bitcoin is once again playing out the exact same scenario, likely leading us to new all-time highs.”
Svenson says that Bitcoin is in the fourth stage of a parabolic curve pattern which could theoretically peak at $90,000. In technical analysis, a parabolic curve pattern consists of four stages or bases where the price trades in a range at each of the stages, before continuing upwards.
“This is the textbook target of $90,000; this is not the cycle peak target. I think that in this bull cycle, considering that the halving just happened, we could go higher than $90,000. But we may have to cool down before that.
So that could mean that Bitcoin runs up to our parabolic trend target of $90,000 before seeing a breakdown of that trend with a sideways consolidation. And then a further push up creating a larger more expansive parabolic trend.”
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