Cryptocurrency expert Kevin Svenson, Bitcoin He shared his current prediction, stating that the price is in a correction period.
Svenson stated that Bitcoin is at the fourth level of the parabolic curve formation, which started in November 2022. This formation is like a four-level ladder where the price pauses and whiplashes for a while at each level before resuming the uptrend.
As we reported as Koinfinans.com, as BTC moves into the fourth phase of its current parabolic curve formation, volatility levels will increase according to Svenson.
According to Svenson, Bitcoin has not yet completed the fourth bottom of the parabolic curve formation: “There is no confirmed top yet and the price action is still not trading at the trend line.”
As a result, this means that there can be quite a lot of volatility when entering this zone. Bitcoin price may fluctuate differently and rise to $80,000, then retreat to $55,000. After these, it may rise again, exceed $70,000, return to mid-$60,000, and rise again. And all of this will be in a parabolic trend.
These trends can be pretty crazy and may surprise you. “You can get dizzy when you see these fluctuations happen.”
Bitcoin is trading at $67,771 at the time of writing.
Svenson says his target for Bitcoin is a price of $90,000 based on the current parabolic curve model.
“Will this be the peak of the rise? Will it be the end of the bull market? It’s hard to say. It’s not something I want to say right now. “More like in 2017, when you reach a price like that you break the parabolic trend and create a larger parabolic trend.”
