A carefully 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) stage look like “strikingly related” to its This fall 2020 setup.
The RSI is a momentum indicator that may sign the continuation of a pattern.
Says Svenson,
“Bitcoin [Oct -> Nov] 2020/2023
Precisely three years in the past BTC was sitting in a strikingly related setup.
The 50 stage on the every day RSI was the goal earlier than the following leg up.”
Wanting on the dealer’s charts, he appears to foretell that Bitcoin will witness yet another corrective transfer which might allow the every day RSI to fall to the 50 stage earlier than the following rally begins.
Svenson additionally notes that Bitcoin bulls have traditionally stepped up in the course of the remaining month of a pre-halving 12 months.
The halving, which slashes miners’ rewards in half, is predicted 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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