A closely followed crypto strategist says one crucial technical indicator could signal the end of Bitcoin’s (BTC) bear market.
Crypto analyst Kevin Svenson tells his 118,900 Twitter followers that Bitcoin’s weekly relative strength index (RSI), which measures the ratio of down-moves to up-moves is close to taking out its diagonal resistance, indicating that BTC bulls are starting to gather some momentum.
“Bitcoin very close to a possible bullish weekly RSI breakout that would end the two-year-long RSI resistance downtrend.
Are green candles coming sooner than we think?”
In a new video update, Svenson explains the importance of a potential RSI breakout.
“Now, this is possibly one of the most pivotal points for Bitcoin in the entire bear market thus far.”
According to the analyst, a weekly RSI breakout could signal a big trend shift for BTC.
“This RSI signal, if we do get it in the next couple of weeks, could actually change the entire trend moving forward.”
Svenson adds that a weekly RSI breakout also took place toward the end of BTC’s bear market in 2018.
“Once you pop above that, that’s when things get bullish.”
With the weekly RSI creeping up, Svenson says that Bitcoin is “positioned for a possible major move up.”
Should the RSI take out its long-term resistance, the crypto analyst predicts that BTC could rally to as high as $21,000. At time of writing, BTC is changing hands for $16,704, indicating an upside potential of over 25% if the king crypto reaches Svenson’s target.
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