Bitcoin’s Indicators Signal Potential for New All-Time Highs, Says Analyst

The crypto expert pointed out that two key technical indicators—the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD)—suggest that Bitcoin is poised for further upward movement after experiencing a period of consolidation.

The RSI helps traders assess whether an asset is overbought or oversold, while the MACD tracks momentum and trends, helping identify optimal points for entering or exiting trades. Svenson explained that the weekly MACD indicates the weakening of bearish momentum, and Bitcoin is holding its support levels on the RSI. He anticipates more sideways movement in the near term, with potential fluctuations in price, before Bitcoin ultimately recovers to new all-time highs.

While some may be skeptical, Svenson firmly believes that Bitcoin could reach new highs in this cycle, maintaining his long-term bullish outlook. However, he also acknowledged that Bitcoin isn’t entirely out of danger and may experience a further decline before its next rally.

Svenson speculated that Bitcoin could undergo a “final flush,” possibly testing the low $70,000s again before a significant rebound. Despite this potential dip, he expects Bitcoin to rise into the $90,000 range before eventually initiating its full recovery.