With the collapse of FTX in November 2022, it fell to $ 15,500 and recorded significant increases since the beginning of 2023. bitcoin It exceeded $28,000.
While these rises make some investors happy, some still think that the rises are not real and fake.
In this context, crypto money analyst Kevin Svenson, who comments on Bitcoin’s past price movements, in a new Twitter video. BTCHe said that ‘s set the stage for a parabolic rally.
BTCClaiming that Bitcoin could be in the middle of the consolidation period for a potential rally, the analyst said that Bitcoin investors could make over 100% profits.
Pointing out that Bitcoin may be in the process of creating a buyer base before it does 2x at this point, Svenson argued that BTC is in the process of creating the third support base for the parabolic rise.
According to analyst bitcoinAfter creating two support bases, it follows the parabolic diagram and tries to establish a third support base.
Because Svenson has traditionally BTC He pointed out that a parabolic asset like this one formed three support bases before rallying 2x in a short period of time.
In this context, the analyst thinks that Bitcoin has formed the third support base around $30,000.
“Bitcoin has reached a pivotal point of $28,000 now, from $15,500 at the end of 2022.
Bitcoin has formed two bases of support and we are probably about to form a third base.
Why is this important for Bitcoin?
If you look at the parabolic diagram, it is seen that the price of the stock or coin doubles after three support bases are formed within the parabola.
This means that according to the parabolic diagram, we have a possible bottom around $30,000 where the third support is formed and then doubles to $60,000.”
Lastly, Svenson stated that Bitcoin looks strong as it continues to maintain both diagonal and sideways trend support on the four-hour chart.
Analyst “Bitcoin shows an aggressive bullish stance.” said.
Parabolic Diagram = $60K?! pic.twitter.com/xoaNsd8wEE
— Kevin Svenson (@KevinSvenson_) March 19, 2023
*Not investment advice.
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