As the 2022 bear markets drag into 2023, bitcoin analysts keep an eye on BTC prices. The crypto market is starting to recover from the FTX disaster that saw most crypto assets plunge. According to a famous crypto analyst, Kelvin Svenson, one technical indicator could end Bitcoin’s bear market.
You can find out more at video update, Svenson noted that BTC’s weekly relative strength index (RSI) is about to break out from its diagonal resistance. The RSI is a measure of the market’s ups and downs.
As per SvensonThis movement indicates that BTC bulls are gaining momentum. He noted that the two-year-old market downtrend could come to an end if the RSI breaks.
Svenson explained in his video update the importance of a possible RSI breakout. His prediction suggests that there will be a significant shift in trend for BTC if the RSI breakout takes place within the next couple weeks.
Svenson’s Prediction And Bitcoin Price Outlook
Svenson cited a weekly RSI break at the end of the BTC bear markets in 2018. Svenson pointed to the BTC diagonal resistance and stated that the market turns bullish if the RSI peaks above this resistance.
The momentum of the weekly RSI rising suggests that the crypto analyst believes BTC is on the verge of a major bull run.
Bitcoin trades at $16,831 currently, but Svenson predicts that BTC could rally to $21,000 if it reaches its long-term resistance. Bitcoin’s current price indicates a potential rise of 25% if it reaches $21,000, which Svenson predicted.
The new bear market began in 2022 for Bitcoin and other cryptocurrencies. Bitcoin declined Nearly 75% of the increase since the all-time high of $69,000, 2021.
Many analysts had different forecasts for Bitcoin prices in 2022. Tim Draper, a tech conference organizer in Amsterdam in 2018, predicted that Bitcoin would reach $250,000 before 2022. But, Bitcoin’s price changed when 2022 arrived. Draper’s prediction.
The asset fell below the $20k mark. $16,441 After the FTX crisis in November, the FTX index moved towards $17,000 and is likely to surpass that mark if the bulls are not weakened.
Michael Van De Poppe releases bullish BTC price prediction for 2023
Svesons is not the only analyst to predict a positive outlook for Bitcoin in 2023. For example, Michael van de Poppe has made A new prediction about BTC prices for 2023. The analyst predicts that BTC will see a huge price rise in the next few months.
De Poppe expects a rally of between $30,000 to $35,000 if the U.S. Federal Reserve stops interest rate increases and lowers inflation. He also reached peak high predictions for BTC’s 2023 bull cycle between $275,000 and $350,000.