Cryptocurrency analyst Kevin Svenson in the coming weeks and months Bitcoin He makes predictions about what path to follow for (BTC).
In a new video, Svenson notes that higher levels of volatility will emerge if Bitcoin rises approximately 40% from its current level.
According to Svenson, once BTC confirms the fourth phase of the parabolic curve formation on the weekly chart, volatility levels will rise.
In technical analysis, the parabolic curve formation has four phases, with the fourth phase becoming the launching pad for a breakout to a higher level, often known as the “sell point” or the area where a major correction begins.
says Svenson,
“What we saw here was a touch down on fourth base. If we do indeed reach another top, this will be confirmed as the fourth base. We cannot confirm the fourth bottom until it breaks again for the next uptrend…
This means Bitcoin is now looking for the final extension to the sell point where the chart essentially becomes completely vertical. Completely vertical down to base four, which is a textbook $90,000…
I went into great detail about what I thought would happen after we hit $90,000. This decline in Bitcoin [bu ayın başlarında tüm zamanların en yüksek seviyesi olan 73.000 dolardan 63.000 doların altına] “If it scares you, you’re not ready for what happens next because you’re going to see much bigger swings.”
On what to expect if volatility levels reach the magnitude experienced in 2017, Svenson says:
“And if we go to $90,000 and we have a 40% drop from $90,000 in the classic 2017, a punch to $90,000, maybe a pullback to $50,000, consolidating, rising back into six figures, which then becomes a bigger trend.” “The classic 2017 crash of a parabolic trend, at which point your portfolio will be cut in half.”
As we reported as Koinfinans.com, Bitcoin is trading at $63,987 at the time of writing this news.
