BitcoinAnalysts are tracking BTC price action as the bear market 2022 to early 2023. The crypto market is slightly recovering from the FTX fiasco that brought down most crypto assets. According to a famous crypto analyst, Kelvin Svenson, a technical indicator could end the Bitcoin bear market.
In a video update, Svenson noted that the weekly Relative Strengthindex (RSI) of BTC is about to break above its diagonal Resistance Break out. The RSI measures the ratio of ups and downs in the crypto market.
According to Svenson, this move suggests that BTC bulls have started to gain momentum. Furthermore, he pointed out that the market’s two-year downtrend could end if a breakout of the RSI occurs.
Svenson explained the significance of a potential RSI breakout in his video update. According to his prediction, there could be a significant trend reversal for BTC if the RSI breakout occurs in the next few weeks.
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Svenson’s prediction and bitcoin price outlook
Svenson cited a weekly RSI breakout towards the end of the BTC bear market in 2018. He pointed to the BTC diagonal resistance line, adding that once the RSI bounces above the resistance level, the market will turn bullish.
Given the momentum the weekly RSI is showing, the crypto analyst says BTC is poised for a significant bull run.
Bitcoin is currently trading at $16,831, but Svenson predicts BTC could rally to $21,000 if the RSI breaks above its long-term resistance. Bitcoin’s current price points to a potential 25% surge if it hits $21,000, which Svenson predicted.
BTC price trends above $16,800 l BTCUSDT on Tradingview.com
Many analysts made different predictions for Bitcoin prices in 2022. For example, at a tech conference in Amsterdam in 2018, Tim Draper predicted that Bitcoin would hit $250,000 by the end of 2022. However, when 2022 finally arrived, bitcoin price turned against Draper’s prediction.
The asset plunged below $20,000 and hit $16,441 in November after the FTX crisis, but it is now heading towards $17,000 and is likely to surpass it if the bulls remain intact.
Michael Van De Poppe publishes bullish BTC price prediction for 2023
Over the new year, other analysts alongside Svesons have forecast a new outlook for BTC in 2023. For example, Michael van de Poppe has a new one forecast for BTC prices in 2023. According to the analyst, BTC will see a massive price surge in the coming months.
De Poppe forecasts a rally between $30,000 and $35,000 as the US Federal Reserve suspends rate hikes and the inflation lowers. He also made top high predictions for BTC’s 2023 bull cycle between $275,000 and $350,000.
Source: Crypto News Deutsch