Bitcoin Bulls Eye $130K as RSI Breaks Out

Bitcoin's price hovers below $100,000, but a prominent analyst and trader, Kevin Svenson, is bullish on the flagship crypto asset. In a recent YouTube video, Svenson highlighted the weekly Relative Strength Index (RSI) indicator as a reliable signal for a potential bullish pivot in Bitcoin's price.

The RSI, a momentum indicator oscillating between 0 and 100, is used to determine overbought or oversold levels. Svenson pointed out that the weekly RSI is starting to peak above the downtrend line, which could indicate a significant upward move for Bitcoin. Every major uptrend in Bitcoin since 2023 has been marked by a weekly RSI breakout, and if this pattern repeats, Svenson expects a bullish outlook for Bitcoin in the short, medium, and long term.

If the RSI indicator successfully breaks out above the resistance line on Bitcoin's weekly time frame, Svenson predicts a potential rally of up to 36% from the current level. His target range for this parabolic trend is between $124,000 and $134,000. After this major advance, Svenson anticipates a correction followed by another rally towards a much higher target by the end of the year.

At the time of writing, Bitcoin is trading at $98,797. As the market awaits further developments, investors should stay informed and monitor Bitcoin's price action closely.