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Crypto currency analyst Kevin Svenson shared his various forecasts with his YouTube subscribers, providing valuable information about the potential trajectory of Bitcoin (BTC) in the coming weeks and months. Svenson suggested that Bitcoin could experience an approximate 40% increase from current levels, especially if it confirms the fourth stage of the parabolic curve model in the weekly price chart, which could lead to an even larger rise.
Emphasis on Parabolic Curve Formation
In technical analysis, the parabolic curve formation occurs in four stages, and the fourth stage typically indicates a significant breakout upward from the “deepest sell point” or the beginning of a major rise from the bottom level. Svenson emphasized the importance of confirming the bottom of the fourth stage for Bitcoin’s price movement, expecting significant increases in volatility once this milestone is reached.
Addressing his YouTube subscribers specifically, Svenson noted that Bitcoin is moving according to the parabolic curve formation like a textbook example, and the formation’s potential selling point could be around $90,000.
Svenson cautioned his subscribers about the possibility of much larger price fluctuations in the crypto currency market, stating that those unsettled by the recent price drops in BTC could be caught even more unprepared for future higher volatility.
Outlining the Scenario Beyond $90,000
Drawing parallels with the fluctuations experienced in 2017, Svenson outlined a scenario where Bitcoin could undergo a classic 40% drop from a $90,000 peak, followed by a potential pullback to the $50,000 range.
The analyst added that before a new rise towards six-figure sums, there could be a potential consolidation period reminiscent of the market dynamics observed in 2017. He also cautioned investors about the significant fluctuations that portfolios could experience during such high volatility periods, with the value potentially dropping by half.
At the time of writing this article, Bitcoin is trading at $64,440, down 2.34% in the last 24 hours. The market value of the largest crypto currency is at $1.26 trillion, with data showing a 26.57% rise in the last 7 days and a 52.37% rise in the last 30 days.
