Macroeconomist Henrik Zeberg: bitcoin is getting ready to soar

The material is not an investment recommendation and is published for information purposes only.

What’s new? According to macroeconomist Henrik Zeberg, the bitcoin exchange rate is preparing for a rapid rise, as indicated by the daily RSI (Relative Strength Index). Zeberg explained that the last three times that bitcoin’s RSI has moved into bullish territory, the asset’s rate has moved sharply upward. As of December 4, 11:30 UTC, BTC is trading at $41 502 on Binance, having added 5% per day. The weekly gain amounted to 11,9% (CoinGecko aggregator’s data).

Source: Twitter.com

The RSI indicator is based on the concept of relative price strength. It fluctuates between values of 0 and 100 and allows one to assess the strength and intensity of the current trend. An RSI value above 70 usually indicates an overbought asset, which can be a signal of a possible downward price reversal. An RSI value below 30, on the contrary, indicates that the asset is oversold and may be a signal for a possible upward price reversal.

Experts’ predictions. According to Jan Happel and Yann Allemann, co-founders of the Glassnode analytics company and authors of the Negentropic blog, both BTC and Ethereum are still strong despite the recent pullback in the crypto market. They believe bitcoin is aiming for the $42 000 level and ETH is firmly entrenched above $2000.

Happel and Allemann also named altcoins worth keeping an eye on: Solana (SOL), Chainlink (LINK), Sei (SEI), Cosmos (ATOM), and ScapesMania (MANIA).

In August, Glassnode’s co-founders predicted BTC would rise above $144 000 by early 2024 if the US dollar index (DXY) peaked at 106 points, thus “setting the stage for a prime bitcoin environment.”

In October, experts at crypto platform Matrixport said that BTC would rise to $56 000 if spot exchange-traded funds (ETFs) based on it were approved in the United States. They later added that the asset would rise to $63 140 by April and $125 000 by the end of 2024. The prediction is based on historical data, upcoming halving, and “favorable geopolitical and macroeconomic factors, anticipating a sustained three-year bull market.”