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While uncertainties in cryptocurrencies persist, today Bitcoin‘s price experienced a slight pullback after visiting $67,000. During this period, investors’ predictions continue to hold more significant places in the market. A market analyst made important statements about Bitcoin.
Analyst’s Bitcoin Commentary
Cryptocurrency analyst and investor Kevin Svenson noted that Bitcoin (BTC) has started showing bullish signals similar to the price movements at the end of February and the beginning of March. Svenson stated in his YouTube comments that Bitcoin is inclined to break out of an inverse head and shoulders pattern.
We are breaking out of an inverse head and shoulders pattern. So, I can say that this is indeed bullish… Bitcoin is also above the Relative Strength Index (RSI) downtrend line on the daily chart. This is a signal for upward continuation…
It is important to remember that RSI is an oscillator used to indicate overbought or oversold conditions.
According to the analyst, Bitcoin’s price movement as of the time of writing resembles the situation investors faced before the leading cryptocurrency rose to $73,737 in mid-March.
It’s no different from the region where we experienced horizontal consolidation at the beginning of 2024, had a downward sloping resistance on the RSI, and made a breakout that took us to all-time highs.
Bitcoin is once again playing the same scenario and is likely taking us to all-time highs.
According to Svenson, Bitcoin theoretically appears to be in the fourth stage of a parabolic curve model that could reach $90,000. In technical analysis, a parabolic curve model consists of four stages or bases where the price hosts trades in a range before starting its upward movement.
This is the textbook target of $90,000; this is not the peak target of the cycle. Considering that the halving has just occurred in this bull cycle, I think we can go higher than $90,000. But we may need to cool down before that.
So, this could mean that Bitcoin will rise to our parabolic trend target of $90,000 and then this trend will break with horizontal consolidation. Then, a rise could occur that will create a bigger and broader parabolic trend.
How Much is 10,000 Bitcoin Worth?
It is known that a cryptocurrency investor once paid 10,000 BTC for 2 pizzas. In this context, it is important to remember that 10,000 BTC has a symbolic meaning besides its value throughout history. Perhaps the person who made the payment for 2 pizzas, which might not have been worth even $100 at the time, could have millions of dollars today.
Looking at Bitcoin’s current price of $66,500, the person who made the payment would have approximately $665 million worth of Bitcoin today. This situation perhaps marks one of the biggest losses in history.
We can say that BTC, trading at $66,500, reached this price after a 2.44% increase. The market cap also rose above $1.3 trillion again after the increase, and the critical threshold was once again surpassed.
