Bitcoin investors are closely following the latest Bitcoin analysis by crypto analyst Kevin Svenson. The analyst believes that Bitcoin will rise in December, indicating that the cryptocurrency is mimicking its pattern from three years ago.
Kevin Svenson pointed out to his followers on the social media platform that Bitcoin is emulating its end-of-2020 price movement, where it consolidated around $14,000 before making a significant rise.
In the analysis, two charts were shared demonstrating Bitcoin’s current market structure and the similarity of the Relative Strength Index (RSI) indicator to the structure in the fourth quarter of 2020. The RSI is a critical momentum indicator that can signal the continuation of a trend.
Looking at Bitcoin’s price charts, it appears that the daily RSI needs to pull back to the 50 level before the next rally can begin.
Additionally, Svenson noted that historically, Bitcoin bulls tend to drive up the price in the final month of the year before a block reward halving event. The next block reward halving is expected in April 2024, which suggests that the coming month could be a bullish period for the leading cryptocurrency.
