Bitcoin Poised for 39% Surge as RSI Breaks Out

Coin WorldFriday, Feb 14, 2025 3:14 am ET

1min read

Bitcoin is on the cusp of a significant breakout, according to analyst and trader Kevin Svenson, who has identified a bullish signal in the Relative Strength Index (RSI) indicator on the weekly timeframe. This signal has historically preceded substantial price increases for the cryptocurrency.

Svenson, who has 82,300 YouTube subscribers, pointed out in a recent video that the RSI indicator is currently mirroring patterns that have led to major price pumps in the past. He highlighted four instances where a break of the weekly RSI downtrend line resulted in significant price increases: a 95% rise in December 2022, an 80% rise in October 2023, a 73% rise in January 2024, and a 100% rise in September 2024.

Svenson believes that Bitcoin is approaching another potential weekly RSI breakout, which he considers one of the most reliable signals for a long-term price increase. If the breakout occurs, he estimates that Bitcoin could rise by up to 39% from its current level, potentially reaching $134,000. This would align with a textbook parabolic trend diagram, as Bitcoin is currently at base four and approaching the vertical point.

At the time of writing, Bitcoin is trading at $96,180.

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