A closely followed analyst in the cryptocurrency markets has suggested that Bitcoin (BTC) is about to surge due to a key indicator pointing to strong momentum.
Strong Support for Bitcoin
Macroeconomist and cryptocurrency analyst Henrik Zeberg stated on social media platform X that the weekly Relative Strength Index (RSI) of BTC indicates a strong factor behind the cryptocurrency. Investors closely monitor the RSI as it can signal the continuation of a trend. According to Zeberg, BTC’s RSI has entered the rising zone three times before, each time followed by a surge. The analyst stated:
BTC: Weekly RSI ‘entered a strong momentum. BTC surged powerfully the previous three times before moving into this area. This time will be no different! Bitcoin will rise!
Additionally, according to the founders of market data analytics firm Glassnode, known as Negentropic on platform X, both BTC and Ethereum (ETH) are still in a strong position despite the recent pullback in the cryptocurrency markets.
Latest on Altcoins
Negentropic pointed out that BTC is watching the $42,000 level and named some altcoins to watch, such as Solana (SOL), decentralized oracle provider Chainlink (LINK), and interoperable blockchain Cosmos (ATOM). The analyst stated:
The cryptocurrency market, having risen to its highest levels in several months, is experiencing a slight retreat. Nonetheless, BTC and ETH are showing resilience. BTC is targeting $42,000 after a spectacular 30% rise since October, while ETH continues to stay solidly above $2,000. Regarding altcoins: Solana, Cosmos, Sei, Chainlink, and ScapesMania are drawing attention.
Bitcoin is currently trading at $39,493, marking an approximate 2% increase from the previous day.
