The fluctuations in BTC price in July continue into the first days of August. Last Monday, BTC price surpassed $70,000 but seems to be approaching $60,000 today. Despite this, a well-known market analyst made a significant comment on the matter, drawing attention.
Bitcoin Comments
Analyst and trader Kevin Svenson, known for predicting Bitcoin (BTC) upward trends, stated that an indicator known for signaling BTC rises is active again. Sharing his views on YouTube, the analyst noted that the Relative Strength Index (RSI) indicator on the daily chart has shown a pattern that previously led to a significant upward movement for Bitcoin.
Briefly, the RSI indicator is a momentum indicator used to determine if the examined asset is overbought or oversold.
Often, when we break out of this daily RSI downtrend, the RSI returns, hits as new support, and then what happens? A big rise…
…at least, it indicates some kind of upward movement is approaching.
And currently, we are in the retest area of this RSI downtrend, so if this RSI bounces off its previous resistance as new support… This signals another big upward move. Or at least some kind of upward move towards resistance. Or a breakout towards all-time highs.
According to Svenson’s analysis, the price movement seen in Bitcoin reflects the continuation of a pattern formed in early 2023, following months of horizontal movement before BTC started to rise.
These long horizontal ranges… Bitcoin is now at a higher market value, so it may take a bit more time for the price to move. But I am still bullish, and I will remain bullish.
Commenting on when the peak price performance for Bitcoin might appear, Svenson shared the following:
On average, 40 to 80 weeks after the halving [is when Bitcoin reaches its new peak]… We are only 13 or 14 weeks past the halving. So theoretically, we have at least 25 more weeks before reaching the 40th week, which means January… The 80th week has the highest hit rate.
So, however it turns out, you can never know exactly what will happen. But 40 to 80 weeks… You have another half year to reach the 40th week region.
Current Bitcoin Price
Yesterday, BTC was above $65,000, but early this morning, it dropped to $60,450. Subsequently, the price recovered slightly, and after a 4.61% drop in the last 24 hours, it is finding buyers around $61,500.
It is believed that the geopolitical tension in the Middle East yesterday had a significant impact on the price. Additionally, there are views that rising recession concerns from the US also influenced this price drop.
Bitcoin market cap fell to $1.213 trillion, while the 24-hour trading volume rose to $43.2 billion.
