Popular crypto analyst and trader Kevin Svenson shared a prediction that the Bitcoin (BTC) price will continue to rise in the coming weeks.
According to Svenson, Bitcoin could sign a parabolic rally. But for that, it needs to replicate a similar pattern seen months before the last halving event. According to the trader, Bitcoin can experience an increase of over 65% in this way.
“Bitcoin is currently forming a higher low along our parabolic curve which could create the next big push towards $48,000… This means that in theory Bitcoin could make a 65% rise from here to the next target of $48,000. It means. This 65% move would be a tremendous opportunity if it materialized…”
On the other hand, according to Svenson, in line with Bitcoin’s behavior months before the previous halving event, altcoins could start to recover if Bitcoin drops slightly below $50,000. Bitcoin’s next halving is expected to take place in early 2024.
“If bitcoin dominance breaks out in the next run, moving towards $48,000, this is where altcoins will start to see big moves after this run. And this is the same thing that happened in 2019…
What I am expecting here is that Bitcoin dominance will peak for the last time before entering some kind of downtrend, and then alt season can begin at this point.”
On when altcoins can start to recover, Svenson adds:
“Somewhere in months like June, July is the time when entering the altcoin market might be the best option. Or even sooner if you want to bring this whole idea to the fore.”
You can follow the current price action here.