Bitcoin analysts are following BTC price trends as the 2022 bear market drags into early 2023. The crypto market is recovering somewhat from the FTX failure that caused most crypto assets to plunge. According to the famous crypto analyst, Kelvin Svenson, one technical indicator can end the Bitcoin bear market.
In his video update, Svenson notes that BTC’s weekly relative strength index (RSI) will break out of diagonal resistance. RSI measures the ratio of up and down movements in the crypto market.
As each Svenson, this movement shows that the BTC bull has started to gather momentum. Furthermore, he noted that the market’s two-year downtrend could end if there is an RSI breakout.
Svenson explains the importance of a potential RSI breakout in a video update. Following these predictions, there could be a significant trend change for BTC if the RSI breakout occurs in the next few weeks.
Svenson’s Predictions and Bitcoin Price Outlook
Svenson noted the weekly RSI breakout at the end of BTC’s bear market in 2018. Pointing to BTC’s diagonal resistance line, he added that the market would be bullish if the RSI rose above the resistance level.
Given the momentum with the weekly RSI coming up, crypto analysts say BTC is headed for a significant bull run.
Bitcoin is currently trading at $16,831, but Svenson predicts that BTC can rally to $21,000 if the RSI exceeds its long-term resistance. The current price of Bitcoin shows a potential rise of 25% if it reaches $21,000, which Svenson predicted.
The year 2022 marks the beginning of a new bear market for Bitcoin and all cryptocurrencies. Bitcoin has declined nearly 75% since its 2021 high of $69,000.
Many analysts made different predictions for the price of Bitcoin in 2022. For example, at a technology conference in Amsterdam in 2018, Tim Draper predicted that Bitcoin would reach $250,000 by the end of 2022. However, when 2022 finally arrived, the price of Bitcoin became the opposite. Draper’s Prophecy.
The asset fell below the $20k mark and reached $16,441 in November after the FTX crisis, but is now moving towards the $17,000 mark and is likely to cross if the bulls remain intact.
Michael Van De Poppe Releases Bullish BTC Price Prediction For 2023
As the new year opens, other analysts besides Svesons have described new prospects for BTC in 2023. For example, Michael van de Poppe has made a new prediction for the price of BTC in 2023. According to the analyst, BTC will experience a huge price surge. in the coming months.
De Poppe predicts a rally between $30,000 and $35,000 as the US Federal Reserve pauses interest rate hikes and moderates inflation. They also make high peaks forecast for the bull cycle 2023 BTC between $275,000 and $350,000.