Bitcoin (BTC) is ready to launch the latest steep rise in its parabolic rally, according to Kevin Svenson, one of the cryptocurrency market’s leading analysts. According to Svenson’s analysis, prices could quickly move towards $100,000 as the final leg of Bitcoin’s parabolic rally begins.
Svenson’s prediction was made taking into account Bitcoin’s current price chart and technical indicators. According to Svenson, Bitcoin has now formed a fourth bottom, and once a new top is broken once this bottom is confirmed, prices could rise towards $90,000. This marks a huge price increase from $66,000 to $90,000 and looks like a notable move even on the weekly charts.
Bitcoin’s potential rise could cause widespread interest and excitement in the cryptocurrency market. In particular, Bitcoin reaching a price tag of $100,000 could be a major turning point in the cryptocurrency world.
Svenson points to the weekly MACD (moving average convergence divergence) indicator to support his analysis. does. The weekly MACD highlights the importance of Bitcoin remaining in the neutral zone in its momentum-based trend, indicating possible bullish momentum.
MACD is a technical indicator that measures the momentum of a trend. This indicator, which is frequently used in the analysis of volatile assets such as Bitcoin, provides important information to investors to understand the strength and trends of the market. According to Svenson, Bitcoin sparked major rallies in 2017 after the MACD maintained its neutral zone. Now Bitcoin’s price movements appear to be mimicking this 2017 pattern again.
“Look at 2017. As we moved from hundreds of dollars to $20,000 in 2017, we maintained the MACD neutral zone with each pullback. And this marked the low of the next major parabolic advance; A big rise every time for Bitcoin.
It is quite clear now that Bitcoin is following a similar pattern, a continuation pattern: maintenance of the neutral zone (followed by) parabolic advance… This will give us our next vertical advance towards the sell-off point.
Is the selling point the end of the Bitcoin cycle? No. “This is the end of a trend that continues with a consolidation and then an uptrend.”
As a result, as Svenson noted, this pattern monitored through Bitcoin’s MACD indicator provides investors with an important tool for understanding future price movements. However, technical analysis may not always provide accurate results and investors should also consider other factors.
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