Bitcoin: This Crypto Strategist Foresees A BTC Price Reversal Soon
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Bitcoin analysts are following up on BTC price trends as the 2022 bear market drags into the beginning of 2023. The crypto market is slightly recovering from the FTX fiasco that caused most of the crypto assets to plunge. According to a famous crypto analyst, Kelvin Svenson, one technical indicator could end Bitcoin’s bear market.
In a video update, Svenson noted that BTC’s weekly relative strength index (RSI) is about to break out from its diagonal resistance. The RSI measures the ratio of ups and downs movements in the crypto market.
As per Svenson, this movement suggests that BTC bulls have started to gather momentum. Furthermore, he noted that the two-year-long market downtrend could end if an RSI breakout occurs.
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