A widely followed analyst says that Bitcoin (BTC) is setting the stage up to skyrocket as one key indicator points toward strong momentum for the king crypto asset.
In a new thread, macroeconomist and crypto strategist Henrik Zeberg tells his 121,200 followers on the social media platform X that BTC’s weekly relative strength index (RSI) suggests that Bitcoin has a powerful force behind it.
Traders keep a close watch on the RSI as it may signal trend continuations.
According to Zeberg, the last three times BTC’s RSI has moved into bullish territory, it has surged upwards.
“BTC: weekly RSI has moved into ‘strong momentum.’
The three times before it has moved into this area, BTC has moved strongly higher. This time will not be different! Bitcoin will soar!”
According to the founders of market intelligence firm Glassnode, who go by the handle Negentropic on X, both BTC and Ethereum (ETH) are still standing strong despite a recent pullback in the crypto markets.
Negentropic says that BTC is eyeing the $42,000 level while naming some altcoins to keep an eye on, such as ETH rival Solana (SOL), decentralized oracle provider Chainlink (LINK) and interoperable blockchain Cosmos (ATOM).
“Following a surge to multi-month highs, the crypto market is experiencing a slight pullback. Despite this, BTC and ETH stand resilient – BTC eyes $42,000 after a stellar 30% rally since October, while ETH firmly holds above 2,000. Spotlight on altcoins: Solana, Cosmos, Sei, Chainlink, and ScapesMania are gaining attention.”
Bitcoin is trading for $39,493, up nearly 2% in the past day.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Tumblr
Surf BitcoinLinux Mix
 
Generated Image: Midjourney
The post Bitcoin Gearing Up To Soar As Indicator Signals Strong Momentum for BTC, According to Analyst Henrik Zeberg appeared first on BitcoinLinux.
Go to Source
Author: NixCoin
Key Highlights Pi Network targets September 15 for the Protocol 27 Mainnet upgrade as testing…
Key Highlights Ripple’s RLUSD team is testing Permission Delegation on the XRPL Devnet, with the…
AI SummaryShowArmstrong warns U.S. lags G20 crypto regulation, urging Senate to pass CLARITY Act by…
Key Highlights Sky holds the largest share of the tokenized funds market, with $4.6 billion…
AI SummaryShowSEC’s crypto rule could revive U.S. token fundraising, reshaping capital markets beyond traditional venture…
Key Highlights Coinkite released firmware 5.6.1 for Mk4/Mk5 and 1.5.1Q for COLDCARD Q following the…
This website uses cookies.
Read More