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    Home » Expert Forecasts Favorable Trend for Bitcoin After Recent Price Surge
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    Expert Forecasts Favorable Trend for Bitcoin After Recent Price Surge

    By adminOct. 18, 2024No Comments1 Min Read
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    Expert Forecasts Favorable Trend for Bitcoin After Recent Price Surge
    Expert Forecasts Favorable Trend for Bitcoin After Recent Price Surge
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    Crypto expert Kevin Svenson is optimistic about Bitcoin (BTC) following a significant surge this past week.
    Svenson points out a bullish signal on the weekly chart from the Relative Strength Index (RSI), a tool that helps identify overbought or oversold conditions.
    He explains that major weekly RSI breakouts have historically led to strong bullish trends, and
    Bitcoin’s
    current breakout could suggest significant price increases ahead.
    Svenson anticipates that Bitcoin is entering a phase of expansion that could last from six months to a year, projecting an upward trajectory at least until March 2025.
    READ MORE:


    War and Inflation Could Propel Bitcoin Prices, Says BitMEX Co-Founder
    When discussing the timeline for reaching new all-time highs, Svenson cautions that things can change rapidly in the crypto market. He believes a powerful weekly candle could propel Bitcoin past its previous records in a very short time.
    Svenson remains bullish, noting that previous Bitcoin bull markets often align with U.S. election cycles, which may again lead to new highs.
    

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