Top Crypto Strategist Issues Bitcoin Warning, Says BTC at Risk of Major Breakdown

A closely followed crypto analyst and trader is warning Bitcoin holders that BTC is about to flash a signal that could lead to a reversal of its recent uptrend.

Crypto strategist Kevin Svensson told his 112,300 Twitter followers that he is closely monitoring BTC’s Relative Strength Indicator (RSI) on the daily chart.

According to Svenson, the momentum tracking indicator is about to roll over.

“[The] The 50 level of the daily RSI is a “must hold” level for bulls. All other times below the RSI uptrend line have resulted in major breakdowns. We are very close to this levelNow look very closely at the 50 level of the RSI daily. That is the bullish to bearish and bearish to bullish pivot zone during the trend. To stay bullish, you have to keep it. Anything below that usually results in a flashdown.“

At the time of writing, Bitcoin is trading at $23,308 while the daily RSI is hovering at 55.

Crypto analysts are also eyeing the price action of Loopring (LRC), a protocol that uses zero-knowledge (ZK) proofs to ensure user privacy while trading on public blockchains. Svenson said LRC could soar to twice his current price due to his partnership with video game retailer GameStop.

In my opinion, the LRC could easily double. The GameStop NFT (Non-Fungible Token) partnership is huge.

In March, Loopring announced the beta launch of GameStop’s NFT platform, designed to give users fast, secure, and cheap access.

At the time of writing, the LRC is trading at $0.48, up nearly 6% for the day.

Don’t Miss a Beat Subscribe to get encrypted email alerts delivered straight to your inbox

Price action confirmation

Please follow us twitter, Facebook When telegram

Surf The Daily Hodl Mix

Check out the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong