Bitcoin Expects Massive Move Up; Big Reversal Signal

There are a lot of optimistic predictions about the price of Bitcoin these days. Check out the latest reports about the king coin below.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $16,851.

A popular crypto strategist says one crucial technical indicator could signal the end of Bitcoin’s (BTC) bear market.

Crypto analyst Kevin Svenson said 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. This is 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 explained 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.”

He believes that 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.”

The analyst also said 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.”

14 years ago, the very first Bitcoin block was mined by Satoshi Nakamoto. The other day, we celebrated a great gift – freedom.

#Bitcoin turns 14 🎉

On this day fourteen years ago, the first #Bitcoin block was mined by Satoshi Nakamoto.

Thank you, Satoshi. pic.twitter.com/kwgNU7NDM2

— Binance (@binance) January 3, 2023

Erik Voorhees, the CEO and founder of ShapeShift, expressed optimism about the potential recovery of Bitcoin’s price during an interview with Bankless on January 2nd. He stated that he “wouldn’t be surprised” if Bitcoin reaches “around $40,000” by the summer.

This would be a “great return,” Voorhees said, as it would be 2.5 times the current price of $16k.