Top Crypto Strategist Issues Bitcoin Warning, Says BTC Is At Risk Of Major Crash
A closely followed cryptoanalyst and trader is warning Bitcoin holders that BTC is about to flash a signal that could lead to a reversal of the recent uptrend.
Crypto strategist Kevin Svenson tells his 112,300 Twitter followers that he’s keeping a close eye on BTC’s relative strength indicator (RSI) on the one-day chart.
According to Svenson, the momentum tracking metric is rolling over, which could be a sign that Bitcoin’s bounce from the lows of around $17,600 is coming to an end.
“[The] 50 level on daily RSI is a “must hold” level for the bulls. All other times we broke below the RSI uptrend line resulted in a major breakdown. We are very close to this level… Watch the 50 level on the daily RSI very closely right now. It is the pivot zone from bull to bear, bear to bull during trends. We need to hold it to remain bullish. Falling below that usually results in a flush down.“
At the time of writing, Bitcoin is exchanging hands at $23,308 while the daily RSI is at 55.
The cryptoanalyst also tracks the price action of Loopring (LRC), a protocol that uses zero-knowledge (ZK) proof to ensure users’ privacy while trading on public blockchains. According to Svenson, LRC can rise 2x from today’s prices due to the collaboration with the video game retailer GameStop.
“The LRC can easily be doubled in my opinion. The GameStop NFT (non-fungible token) partnership is huge. Still underrated. I’m tall.”
In March, Loopring announced the launch of the beta version of GameStop’s NFT platform designed to provide fast, secure and low-cost access to users.
At the time of writing, LRC is trading at $0.48, up nearly 6% on the day.
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Featured image: Shutterstock/Tithi Luadthong
