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Kevin Svenson, an analyst and trader, noted that Bitcoin 
$83,638 is showing bullish signals based on its weekly RSI indicator. According to Svenson, significant price increases have historically followed past breakouts of this indicator. He predicts that if a new breakout occurs, Bitcoin could rise as high as 134,000 USD.
Weekly RSI Breakout and Historical Performance
The weekly RSI is a critical tool in technical analysis, effectively indicating overbought and oversold regions. Svenson emphasized in his YouTube discussion that past breakouts of this indicator have set the stage for long-term price increases in Bitcoin.
He reminded viewers that during each period when the RSI broke from December 2022 to September 2024, Bitcoin gained value between 73% and 100%. Notably, the breakouts in January 2024 and September 2024 resulted in remarkable 100% increases. This suggests that RSI breakouts are reliable indicators for long-term movements.
Potential Price Targets for Bitcoin
According to Svenson’s calculations, the breakout of the weekly RSI could lift Bitcoin’s price to 39% above its current level. Consequently, a price of 134,000 USD is anticipated, based on December’s monthly candle analysis and parabolic trend formation.
Svenson stated that this potential movement in Bitcoin’s technical structure could lead to a parabolic rise. However, he cautioned investors to closely monitor market movements and keep an eye on technical indicators.
At the time of writing, Bitcoin is trading at 96,180 USD. The significance of the RSI in technical analyses is frequently highlighted, offering substantial opportunities for investors who assess such signals.
