A closely watched crypto strategist thinks Bitcoin (BTC) is poised to launch the final steep rally of its parabolic trend.
In a new video update, analyst Kevin Svenson says tells its 142,100 followers on social media platform
“Bitcoin may be ready to play out the last vertical point of the parabolic trend, which is a big move. Bitcoin is currently at base four. Once we break a new high that confirms base four, we could head towards $90,000. This is a big move – $66,000 to $90,000 – and that’s a big move despite what it looks like on the weekly chart.
And there are indicators that we could see this happening over the next two months, and that is the weekly MACD (moving average convergence divergence). Holding the neutral zone is important in a momentum-based trend.”
The MACD is a technical indicator that measures the momentum of a trend. According to Svenson, Bitcoin appears to be repeating the same pattern seen in 2017, when the crypto king sparked major rallies after maintaining the MACD neutral zone.
“Look at 2017. In 2017, when we went from just hundreds of dollars to $20,000, we held the MACD neutral zone on every pullback. And that marked the bottom of the next big parabolic advance – each time a huge rise for Bitcoin.
At this point, it’s pretty clear that Bitcoin is showing a similar pattern, a continuation pattern: hold the neutral zone [and then] parabolic progress… That’s going to give us our next vertical push toward the point of sale, according to the textbook.
Is the point of sale the end of the Bitcoin cycle? No. It is the end of the trend with a consolidation and a continuation later.”
At the time of writing, Bitcoin is worth $66,557.
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