A widely followed analyst says that Bitcoin (BTC) is setting the stage up to skyrocket as one key indicator points toward strong momentum for the king crypto asset.
In a new thread, macroeconomist and crypto strategist Henrik Zeberg tells his 121,200 followers on the social media platform X that BTC’s weekly relative strength index (RSI) suggests that Bitcoin has a powerful force behind it.
Traders keep a close watch on the RSI as it may signal trend continuations.
According to Zeberg, the last three times BTC’s RSI has moved into bullish territory, it has surged upwards.
“BTC: weekly RSI has moved into ‘strong momentum.’
The three times before it has moved into this area, BTC has moved strongly higher. This time will not be different! Bitcoin will soar!”
According to the founders of market intelligence firm Glassnode, who go by the handle Negentropic on X, both BTC and Ethereum (ETH) are still standing strong despite a recent pullback in the crypto markets.
Negentropic says that BTC is eyeing the $42,000 level while naming some altcoins to keep an eye on, such as ETH rival Solana (SOL), decentralized oracle provider Chainlink (LINK) and interoperable blockchain Cosmos (ATOM).
“Following a surge to multi-month highs, the crypto market is experiencing a slight pullback. Despite this, BTC and ETH stand resilient – BTC eyes $42,000 after a stellar 30% rally since October, while ETH firmly holds above 2,000. Spotlight on altcoins: Solana, Cosmos, Sei, Chainlink, and ScapesMania are gaining attention.”
Bitcoin is trading for $39,493, up nearly 2% in the past day.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney