Analyst Kevin Svenson: BTC could hit an all-time high on April 20

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What’s new? According to crypto analyst Kevin Svenson, the daily Relative Strength Index (RSI) signals the possibility of a rally and a breakout of bitcoin above the all-time high of $73 737 reached last month. The expert believes that BTC is forming a bullish pattern and its completion could coincide with the RSI signaling upside potential around April 20. Svenson noted that if the rally happens at the same time as the halving “it’s going to be all over the news. And it’s going to incite a lot of upside pressure, a lot of demand, a lot of bullish price action.”

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The RSI indicator is based on the concept of relative price strength. It fluctuates between values of 0 and 100 and allows you to gauge the strength and intensity of the current trend. An RSI value above 70 usually indicates an overbought asset, which can be a signal of a possible downward price reversal. An RSI value below 30, on the other hand, indicates that the asset is oversold and may be a signal of a possible upward price reversal.

Halving is code’s embedded cut in half of the reward to miners for a mined block on the blockchain, which occurs approximately every four years. Initially, miners received 50 BTC; on November 28, 2012, the number dropped to 25 BTC, on July 9, 2016, to 12,5 BTC, and on May 11, 2020, to 6,25 BTC. In April 2024, the award will be cut to 3,125 BTC

What else is known? According to Svenson, “If you look at the RSI and you look at all the past price action, the daily RSI downtrend line breakouts are very very good indicators.” They usually indicate the next major push to the upside, the analyst explained.

As with the approval of spot bitcoin exchange-traded funds (ETFs) in the United States in January, once the RSI downtrend line was broken, the BTC exchange rate hit new highs, the analyst added.

“Bitcoin’s daily RSI is once again sitting in another downtrend. And whenever we got these in the past, that usually indicated the next push to new highs,” Svenson said.

In early February, the analyst also predicted a parabolic bitcoin post-halving rally. At that time, he warned that in this case in the second half of 2025, “we need to be getting out of the market.”