Bitcoin (BTC) Bullish Forecast: "RSI Indicator and Key Upward Signals" - Analyst Kevin Svenson

Bitcoin Surges Over 10% This Month, Showcasing Bullish Momentum: Analyst Kevin Svenson Bitcoin (BTC) has exhibited substantial bullish momentum this month, gaining over 10% since reaching its 2025 cycle low earlier in April, according to cryptocurrency analyst and trader Kevin Svenson. Crypto news outlet Daily Hodl reported that Svenson revealed on his YouTube channel—boasting around 82,800 subscribers—that Bitcoin’s weekly Relative Strength Index (RSI) has broken out of a declining trend. This breakout is a strong bullish indicator since RSI measures whether an asset is overbought or oversold. “Bitcoin has once again achieved a weekly RSI breakout,” Svenson highlighted. “This represents one of the most powerful bullish signals in Bitcoin's history. Historically, every time such an RSI breakout occurred, a significant upward price movement followed.” Historical Patterns Suggest Robust Potential: Mid-Term and Short-Term Forecasts Svenson noted that Bitcoin’s RSI breakout signals a bullish phase and forecasted that this momentum could last into the third quarter of 2023. “Historically, RSI-driven rallies typically last between 12 and 14 weeks,” he explained. “If this pattern holds, we could see gains continuing into late July or early August.” He further elaborated, “There is a possibility for Bitcoin to continue rallying throughout May, June, and July, building on the momentum that started in late April.” Svenson also projected that Bitcoin might trade between $91,000 and $96,000 in the short term, with potential for further gains thereafter. "Bitcoin has shifted to a bullish trend by breaking its downward trendline," he added. "Significant progress was made in the past two days, and more upside potential remains. Nonetheless, Bitcoin is now nearing a resistance zone. Instead of a direct price surge, we may witness increased volatility within this range,” Svenson remarked. The current bullish signals and potential rise could be a critical period for Bitcoin as it navigates market resistance and macroeconomic trends. Investors and traders will likely keep a close watch on upcoming technical developments.