A widely respected analyst says Bitcoin (BTC) is setting the stage for a surge as one of the leading indicators points to strong momentum for the cryptocurrency asset.
In a new thread, macroeconomist and cryptocurrency strategist Henrik Zeberg says 121,200 followers on social media platform
Traders watch RSI closely because it can indicate a continuation of a trend.
According to Zeberg, BTC’s RSI has been on the rise for the past three times, moving into bullish territory.
“BTC: Weekly RSI moves towards ‘strong momentum’.
BTC rose strongly for three sessions prior to moving into this area. This time will be no different! “Bitcoin will soar!”
According to the founder of market intelligence company Glassnode, who goes by the name Negentropic in X, both BTC and Ethereum (ETH) are still standing Despite the recent downturn in the cryptocurrency market, it has shown strength.
Negentropic says BTC is targeting the $42,000 level, naming some altcoins to watch such as ETH rival Solana (SOL), decentralized oracle provider Chainlink (LINK), and interoperable blockchain Cosmos (ATOM). They say there is.
“After soaring to multi-month highs, the cryptocurrency market is experiencing a slight decline. Nonetheless, BTC and ETH remain resilient. BTC is targeting $42,000 after a stellar 30% rally since October, while ETH remains firmly above $2,000. Altcoin Spotlight: Solana, Cosmos, Sei, Chainlink, and ScapesMania are in the spotlight.”
Bitcoin is trading at $39,493, up nearly 2% over the past day.
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