{"id":593978,"date":"2023-01-04T11:50:23","date_gmt":"2023-01-04T17:50:23","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/04\/bitcoins-two-year-downward-trend-shall-end-soon-claims-analyst\/"},"modified":"2023-01-04T11:50:23","modified_gmt":"2023-01-04T17:50:23","slug":"bitcoins-two-year-downward-trend-shall-end-soon-claims-analyst","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/04\/bitcoins-two-year-downward-trend-shall-end-soon-claims-analyst\/","title":{"rendered":"Bitcoin\u2019s Two-Year Downward Trend Shall End Soon, Claims Analyst"},"content":{"rendered":"
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The overall cryptocurrency market is showing signs of growth, even as the global cryptocurrency market struggles to regain its $1 trillion market capitalization.\u00a0<\/p>\n

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.<\/p>\n

Crypto analyst Kevin Svenson has expressed a bullish outlook on Bitcoin<\/a>. In a tweet to his 118,900 followers, Svenson mentioned that Bitcoin\u2019s relative strength index (RSI) is about to move beyond its diagonal resistance, potentially marking the end of its two-year downward trend.\u00a0<\/p>\n

The RSI is an indicator that measures the currency\u2019s movements.<\/p>\n

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In addition to his tweet, Kevin Svenson has also released a strategic video explaining the potential of the upcoming RSI breakout for Bitcoin.\u00a0<\/p>\n

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\u2019s trading pattern. He cites a similar weekly RSI breakout at the end of the 2018 bear market for Bitcoin.\u00a0<\/p>\n

If the RSI follows Svenson\u2019s prediction, he claims that Bitcoin\u2019s price could reach a target of $21,000. At its current trading value, Bitcoin would need a 25% increase to hit this target.<\/p>\n<\/div>\n

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Elena R<\/a><\/h3>\n

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\n Elena R<\/p>\n","protected":false},"excerpt":{"rendered":"

The overall cryptocurrency market is showing signs of growth, even as the global cryptocurrency market struggles to regain its $1 trillion market capitalization.\u00a0Currently, 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<\/p>\n","protected":false},"author":1,"featured_media":593979,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27753,69110],"tags":[],"class_list":{"0":"post-593978","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoins","8":"category-two-year"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/593978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=593978"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/593978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/593979"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=593978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=593978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=593978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}