Bitcoin on the rise? Historical indicator points upwards and targets are set

• Bitcoin with bullish signal.
• Promising weekly RSI.
• Price targets defined.

The cryptocurrency market is in suspense, with the Bitcoin (BTC) is hovering around the $100.000 mark. In the spotlight, analyst and trader Kevin Svenson brought an analysis that rekindled investor optimism. According to him, a historical Bitcoin indicator is flashing a bullish signal, suggesting a significant upward movement for the cryptocurrency.

In a video In a recent post, Svenson noted that the weekly Relative Strength Index (RSI), an indicator he considers “one of the most reliable signals for bullish pivots in the Bitcoin world,” is indicating a potential rise in BTC’s price. The RSI, which measures the strength of an asset’s momentum, is about to break a downtrend line, a signal that has historically preceded major Bitcoin rallies.

“And now we’re seeing, if you look closely, that the weekly RSI is starting to peak above the downtrend line… If we close above that resistance line, it could indicate that a major Bitcoin rally is on the way. Every major Bitcoin bull run that we’ve had since the beginning of 2023 has been marked by a weekly RSI breakout every time. If we do indeed close with a weekly RSI breakout, I’m going to be very bullish on Bitcoin in the short, medium and long term.”

Should the RSI confirm a breakout, Svenson predicts that Bitcoin could rise by as much as 36% from its current level, reaching a price range between $124.000 and $134.000, thus establishing a new all-time high for the largest cryptocurrency. He believes that after this parabolic rally, the market is likely to undergo a correction before resuming its upward trajectory towards even higher targets later in the year.

“So between $124.000 and $134.000 is the target range for me in this parabolic trend… I expect that after we get this next big hit, this next big parabolic advance to $124.000 or maybe $134.000, there will be some sort of correction that comes along with it, where the market would stabilize and then rally by the end of the year to a much higher target.”

At the time of publication, the price of Bitcoin was quoted at US$96.846,38, up 2.3% in the last 24 hours.

Bitcoin Price, Altcoins Try to Recover After Bybit Hack

The p Bitcoin price struggled to overcome the $99.650 resistance but fell shortly after the news of the Bybit hack. BTC is currently trading near $96.500 down 2% today.

Similarly, most of the major altcoins are moving lower. ETH gained bearish momentum and reached the $2.620 level. XRP is now consolidating near the $2,59 level. Solana is trading at $173,61 after a dip to around $167,00. ADA is attempting to climb towards the $0,80 level.