Bitcoin analysts are monitoring BTC price trends as the 2022 bear market drags into early 2023. The crypto market is recovering somewhat from the FTX fiasco that caused most crypto assets to collapse. According to a famous crypto analyst, Kelvin Svenson, one technical indicator could end Bitcoin’s bear market.
In a video updateSvenson noted that BTC’s weekly relative strength index (RSI) is about to break out of its diagonal resistance. The RSI measures the ratio of ups and downs in the crypto market.
From Svenson, this move suggests that BTC bulls are starting to gain momentum. He further noted that the market’s two-year downtrend could end if an RSI breakout occurs.
Svenson explained the importance of a possible RSI outbreak in his video update. According to his prediction, there could be a significant trend shift for BTC if the RSI breakout happens in the coming weeks.
Svenson’s Prediction and Bitcoin Price Outlook
Svenson cited a weekly RSI breakout towards the end of the BTC bear market in 2018. He pointed to the BTC diagonal resistance line and added that the market turns bullish once the RSI breaks above the resistance level.
Given the momentum with which the weekly RSI is coming, the crypto analyst says BTC is headed for a significant bull run.
Bitcoin is currently trading at $16,831, but Svenson predicts BTC could rise to $21,000 if the RSI crosses its long-term resistance. Bitcoin’s current price indicates a potential 25% increase if it reaches $21,000, which is what Svenson predicted.
The year 2022 marked the beginning of a new bear market for Bitcoin and cryptocurrencies as a whole. Bitcoin turned down nearly 75% since the all-time high of $69,000 in 2021.
Many analysts made different predictions for Bitcoin prices in 2022. For example, Tim Draper predicted at a tech conference in Amsterdam in 2018 that Bitcoin would reach $250,000 by the end of 2022. Draper’s prophecy.
The asset dipped below $20,000 and hit $16,441 in November after the FTX crisis, but it is now heading towards the $17,000 mark and will likely cross it if the bulls remain intact.
Michael Van De Poppe publishes bullish BTC price prediction for 2023
As the new year progresses, other analysts besides Svesons have projected a new outlook for BTC in 2023. Michael van de Poppe, for example, has made a new forecast for BTC prices in 2023. According to the analyst, BTC will see a huge price increase in the coming months.
De Poppe predicts a rally between $30,000 and $35,000 if the US Federal Reserve pauses rate hikes and curbs inflation. He also made peak high predictions for BTC’s bull cycle in 2023 between $275,000 and $350,000.