A widely followed analyst says Bitcoin (BTC) is setting the stage to skyrocket as a key indicator points to strong momentum for the king crypto asset.
In a new thread, macroeconomist and crypto strategist Henrik Zeberg says tells Based on its 121,200 followers on social media platform X, BTC’s weekly relative strength index (RSI) suggests Bitcoin has a powerful force behind it.
Traders keep a close eye on the RSI as it can indicate a continuation of the trend.
According to Zeberg, BTC’s RSI has entered bullish territory the past three times but has moved higher.
“BTC: Weekly RSI has entered ‘strong momentum’.
The three times before it entered this area, BTC has risen sharply. This time it will be no different! Bitcoin will rise!”
According to the founders of market intelligence firm Glassnode, who use Negentropic on X, both BTC and Ethereum (ETH) are still to stand strong despite a recent downturn in the crypto markets.
Negentropic says BTC is eyeing the $42,000 level and names some altcoins to watch, such as ETH rival Solana (SOL), decentralized oracle provider Chainlink (LINK), and interoperable blockchain Cosmos (ATOM).
“After rising to multi-month highs, the crypto market is experiencing a slight pullback. Nevertheless, BTC and ETH remain resilient – BTC expects $42,000 after a stellar 30% rally since October, while ETH remains firmly above 2,000. Spotlight on altcoins: Solana, Cosmos, Sei, Chainlink and ScapesMania get attention.”
Bitcoin is trading at $39,493, up almost 2% in the past day.
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Generated image: Midjourney