Analyst Predicts Bitcoin is Primed for Last Surge in Parabolic Trend, Shares Outlook – The Daily Hodl
A well-known crypto strategist believes that Bitcoin (BTC) is on the verge of starting the final steep rally of its parabolic trend.
In an updated video, analyst Kevin Svenson informs his 142,100 followers on the social media platform X that Bitcoin is on the brink of initiating the last leg of its parabolic rally, potentially reaching close to $100,000 in price.
“Bitcoin seems to be gearing up to reach the final vertical point on the parabolic trend, indicating a significant move. Currently in base four, breaking a new high to confirm base four could propel us towards $90,000. This is a substantial move from $66,000 to $90,000, despite the appearance on the weekly chart.
There are signs suggesting that this might occur within the next month or two, with the weekly MACD (moving average convergence divergence) playing a crucial role in a momentum-based trend.”
Source: Kevin Svenson/X
The MACD is a technical indicator indicating trend momentum. According to Svenson, Bitcoin seems to be following a similar pattern seen in 2017, where significant rallies were triggered after maintaining the MACD neutral zone.
“Looking back at 2017, we observed Bitcoin going from a few hundred dollars to $20,000, consistently holding the MACD neutral zone during pullbacks. This marked the low before the next major parabolic advance.
At present, it is evident that Bitcoin is following a comparable pattern, implying a continuation pattern: maintaining the neutral zone followed by a parabolic advance. This should lead to the next significant push towards the sell point, as per the textbook.
Does the sell point signify the end of the Bitcoin cycle? Not quite. It indicates the conclusion of the trend with subsequent consolidation and continuation upwards.”
Source: Kevin Svenson/X
As of now, Bitcoin is valued at $66,557.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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