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Cryptocurrency expert Kevin Svenson mentioned on his personal YouTube channel that Bitcoin (BTC) is ready to enter the final stage of its parabolic trend, potentially moving towards the $100,000 mark.
The Fourth Bottom of the Parabolic Rise Model
Svenson described Bitcoin‘s current position as the “fourth bottom” of its parabolic rise model. He anticipates a significant movement within the weekly timeframe, expecting a rise from $66,000 to $90,000, which would confirm this bottom by reaching new highs.
A key factor supporting his analysis is the Moving Average Convergence Divergence (MACD) indicator on the weekly timeframe. Svenson highlighted the importance of maintaining momentum in the neutral zone, drawing parallels to Bitcoin’s behavior in 2017.
During that period, the leading cryptocurrency managed to stay consistently in the MACD’s neutral zone during pullbacks, while experiencing strong rallies. Svenson pointed out that Bitcoin is currently following a similar pattern, indicating a continuation of the rise characterized by holding in the neutral zone followed by a parabolic increase.
“Sell Point” Warning and Note: Will Consolidate
Following the anticipated parabolic rise, Svenson added that the “sell point” he expects Bitcoin to reach does not signify the end of the major cryptocurrency’s upward cycle; instead, it corresponds to a consolidation phase before a potential upward movement.
Drawing from technical models, Svenson predicts that Bitcoin’s next sharp upward price movement could reflect significant price increases similar to those observed in past cycles of the largest cryptocurrency. He emphasized the importance of closely monitoring indicators like the MACD in the coming weeks to gauge Bitcoin’s price momentum and trajectory.
