This week on YouTube, cryptocurrency analyst Kevin Svenson insights shared on Bitcoin‘S Bitcoin/USD trajectory, highlighting an imminent phase of intense fluctuations.
Addressing his audience, Svenson pointed out that Bitcoin is currently going through the fourth phase of a parabolic curve pattern that began in November 2022.
This pattern, characterized by its ladder progression across four distinct levels, typically witnesses periods of significant price volatility at each stage before resuming its upward trend.
“Bitcoin is actually not done with Base 4 (of the parabolic curve pattern). We don’t have a confirmed top and the price action hasn’t entered the trend line yet,” he said.
Read also: Forget Dogecoin and Shiba Inu: This meme coin increased by almost 70% in just 24 hours
“This means that going into this Base 4 zone, there will likely be a lot of volatility. The price of Bitcoin could see all kinds of swings: we could go to $80,000, back to $55,000, bounce again, above $70,000, pull back “In the mid-60s, run again. And all of this would be part of a parabolic trend,” Svenson added.
The analyst predicted that Bitcoin could reach a target of $90,000 with this current trend. However, it remains uncertain whether this peak will signify the culmination of the bull market. Svenson suggested that, similar to the 2017 cycle, reaching that milestone could potentially break the current parabolic trend, then establish a larger one.
“Is this going to be the pinnacle of racing? Will this be the end of the bull market? Well, it’s hard to say. That’s not something I’d like to point out right now. It is more likely, like in 2017, that once a price like that is reached, the parabolic trend breaks and a larger parabolic trend forms,” she said.
At the time of writing, Bitcoin was trading at $67,974.61, down 1% over the past seven days.
Now read: As Dogecoin Soars 18%, Founder Billy Markus Jokes Crypto Community: “If You Get Offended by This…”
Photo: Shutterstock