dailyhodl.com
A closely followed crypto strategist thinks that Bitcoin (BTC) is primed to launch the final steep rally of its parabolic trend.
In a new video update, analyst Kevin Svenson tells his 142,100 followers on the social media platform X that Bitcoin is about to ignite the last leg of its parabolic rally that could see prices close to $100,000.
“Bitcoin may be ready to play out the final vertical point on the parabolic trend, which is a big, big move. Bitcoin is currently sitting in base four. Once we break a new high that confirms base four, we could be headed up toward $90,000. This is a big move – $66,000 to $90,000 – that’s a big move, despite what it looks like on the weekly chart.
And there are indicators to suggest that we may be seeing this happen in the next month or two, and that is the weekly MACD (moving average convergence divergence). Holding the neutral zone is important in a momentum-based trend.”
The MACD is a technical indicator that gauges the momentum of a trend. According to Svenson, Bitcoin appears to be repeating the same pattern witnessed in 2017 when the crypto king sparked big rallies after holding the MACD neutral zone.
“Look at 2017. In 2017 when we went from just hundreds of dollars all the way up to $20,000, we held the MACD neutral zone on every pullback. And that marked the low with the next major parabolic advance – a huge move up for Bitcoin each time.
Right now, pretty clear, Bitcoin is playing out a similar pattern, a continuation pattern: hold the neutral zone [and then] parabolic advance… That’s going to give us our next vertical push toward the sell point, according to the textbook.
Is the sell point the end of the Bitcoin cycle? No. It is the end of the trend with a consolidation and a continuation up later.”
At time of writing, Bitcoin is worth $66,557.