A intently adopted analyst believes that December might be a bullish month for Bitcoin (BTC) because the crypto king mirrors a setup final witnessed precisely three years in the past.
Kevin Svenson tells his 131,000 followers on the social media platform X that Bitcoin seems to be mimicking its late 2020 value motion when BTC was consolidating round $14,000 earlier than a large transfer to the upside.
The dealer shares two charts that present BTC’s newest market construction and relative energy index (RSI) degree seem like “strikingly related” to its This autumn 2020 setup.
The RSI is a momentum indicator that may sign the continuation of a development.
Says Svenson,
“Bitcoin [Oct -> Nov] 2020/2023
Precisely three years in the past BTC was sitting in a strikingly related setup.
The 50 degree on the day by day RSI was the goal earlier than the subsequent leg up.”
Trying on the dealer’s charts, he appears to foretell that Bitcoin will witness another corrective transfer which might allow the day by day RSI to fall to the 50 degree earlier than the subsequent rally begins.
Svenson additionally notes that Bitcoin bulls have traditionally stepped up throughout the last month of a pre-halving yr.
The halving, which slashes miners’ rewards in half, is anticipated to happen in April 2024.
Says the dealer,
“The vacation season earlier than a halving is sort of all the time bullish.”
At time of writing, Bitcoin is buying and selling for $38,026, up 1.33% within the final 24 hours.
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