The overall cryptocurrency market is showing signs of growth, even as the global cryptocurrency market struggles to regain its $1 trillion market capitalization.
Currently, the global crypto market cap has gained 1.55% in the past 24 hours and is trading at $819.85. This price rally is led by Bitcoin, the largest cryptocurrency by market cap, which is currently valued at $16,864 after a 0.77% increase in the past 24 hours. Resistance for Bitcoin is at $16,900, while support is at $16,850.
Crypto analyst Kevin Svenson has expressed a bullish outlook on Bitcoin. In a tweet to his 118,900 followers, Svenson mentioned that Bitcoin’s relative strength index (RSI) is about to move beyond its diagonal resistance, potentially marking the end of its two-year downward trend.
The RSI is an indicator that measures the currency’s movements.
In addition to his tweet, Kevin Svenson has also released a strategic video explaining the potential of the upcoming RSI breakout for Bitcoin.
According to the analyst, this movement is crucial for cryptocurrency. Svenson believes that the breakout, which he expects to occur within the next two weeks, will bring about a shift in Bitcoin’s trading pattern. He cites a similar weekly RSI breakout at the end of the 2018 bear market for Bitcoin.
If the RSI follows Svenson’s prediction, he claims that Bitcoin’s price could reach a target of $21,000. At its current trading value, Bitcoin would need a 25% increase to hit this target.