Bitcoin Indicator Flashing ‘One of the Most Bullish Signals,’ Says Analyst Kevin Svenson – Here’s His Outlook

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Daily Hodl2025/04/23 16:00

By:by Mark Emem

Analyst and trader Kevin Svenson is leaning bullish on Bitcoin ( BTC ) amid a rally of over 10% by the crypto king since the 2025 low reached earlier this month.

In a new strategy session, Svenson tells his 82,800 YouTube subscribers that Bitcoin is looking bullish after the Relative Strength Index (RSI) indicator broke out of a downtrend on the crypto king’s weekly time frame.

The RSI is a momentum oscillator used to determine oversold and overbought conditions.

“Bitcoin has now seen yet another weekly RSI breakout. This is one of the most bullish signals that we’ve seen over the past, well, forever actually. Every time Bitcoin gets one of these weekly RSI downtrend breakouts, we see humongous swings to the upside. These weekly RSI breakouts are no joke.”

Bitcoin Indicator Flashing ‘One of the Most Bullish Signals,’ Says Analyst Kevin Svenson – Here’s His Outlook image 0

Source: Kevin Svenson/X

According to Svenson, Bitcoin could witness a bullish period that could last into the third quarter of this year if history repeats itself.

“And typically if you do a count [of the weekly RSI breakouts in Bitcoin’s history], these runs last typically about 12 to 14 weeks… which lands us at somewhere in July… or early August. So that means we have multiple months … end of July. Meaning the rest of April, May, June, July to see an uptrend form for Bitcoin.”

Bitcoin Indicator Flashing ‘One of the Most Bullish Signals,’ Says Analyst Kevin Svenson – Here’s His Outlook image 1

Source: Kevin Svenson/X

The analyst says that over the short term, Bitcoin is likely to trade in a range at roughly between $91,000 and $96,000 before moving higher.

“Bitcoin has made a bullish pivot, we are above the downtrend line…

…we’ve made significant progress over the past two days and there is room for more upside. We’re also sitting at a resistance so likely we get a lot of chop in this zone rather than just expecting straight lines.”

Bitcoin Indicator Flashing ‘One of the Most Bullish Signals,’ Says Analyst Kevin Svenson – Here’s His Outlook image 2

Source: Kevin Svenson/X

Bitcoin is trading at $93,837 at time of writing.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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