It’s been just revealed that the most important digital asset out there could see a trend shift. Check out the latest news about this below.
Bitcoin could see a massive trend shift
It’s been just revealed that a popular crypto analyst followed crypto strategist is bullish on Bitcoin (BTC), saying that the king crypto could be gearing up to do the unthinkable.
In a new video, analyst Kevin Svenson said recently that Bitcoin could hit $30,000 much sooner than people expect.
According to the crypto trader, momentum is on the side of BTC bulls following the breakout from a large falling wedge formation. It’s important to note the fact that this is a major shift in trend.
“We are now in a bullish trend shift… But what is interesting to me is the daily RSI [relative strength index]. We’re bouncing off the 70 level on the daily RSI. We’re bouncing off the overbought zone, the unthinkable. The bears never thought this was going to be possible. But it has happened before.”
It’s also been revealed that traders use the RSI the gauge the strength of an asset’s momentum.
“Traditionally, an asset trading above the 70 level of the RSI is considered as overvalued and needs to cool off. However, there are instances when an asset refuses to go below the 70 level due to intense buying,” according to the online publication the Daily Hodl.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $22,888.
MicroStrategy founder Michael Saylor said that the crypto scandals and bankruptcies of 2022 would benefit Bitcoin (BTC) in the long run.
In a new fourth-quarter MicroStrategy earnings call, the Bitcoin bull predicted that there is a more rational approach to projects and enterprises in the crypto space in the aftermath of the many failures last year, including the FTX implosion. Check out our previous article in order to learn more details.