​Analyst Kevin Svenson calls the condition for bitcoin to rise to $50 000

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What’s new? Cryptocurrency analyst Kevin Svenson said that bitcoin could reach the $30 000 mark “much sooner than people expect. He clarified that the asset is currently in a bullish trend, pointing out that the daily relative strength index (RSI) is bouncing off the overbought zone at 70, which is “unthinkable.” According to Svenson, “the bears never thought this was going to be possible. But it has happened before.”

#Bitcoin $30,000 much sooner than people expect🚨 pic.twitter.com/j6XXVUGUuY — Kevin Svenson (@KevinSvenson_) February 2, 2023

The relative strength index (RSI) is a metric that reflects the strength of a trend.

Overbought is a market condition when the price of a trading asset has gone too high. Oversold indicates an excessive price decrease.

What else did Svenson say? The expert added that bitcoin was in the overbought zone on the daily chart in late 2020, after overcoming resistance at $20 000, which eventually led to a rally above $60 000. The first cryptocurrency hit an all-time high (ATH) in November 2021 at $69 000.

With BTC now trading above the diagonal resistance of the “falling wedge” pattern, Svenson believes the asset is likely to reach $30 000 before undergoing a significant correction.

A “falling wedge” is a pattern that forms on the asset’s price chart and indicates a resumption of an uptrend.

According to Svenson’s long-term prediction, a massive rally of the first cryptocurrency to $50 000 could come after a correction below $20 000.

As of February 6, at 10:45 UTC, BTC is trading at $22 828, down by 2,4% in 24 hours, according to Binance.

In September 2022, Svenson warned about the negative impact of the rising dollar on the BTC rate. The expert allowed the value of the first cryptocurrency to fall to $18 600.

In November 2022, Svenson stated that bitcoin will soon enter “the most boring stage of the market cycle,” noting that the area of the least interest will become the area of greatest opportunities.