An analyst known for making timely Bitcoin calls believes that BTC is poised to witness steep rallies in the coming months.
In a new video, trader Kevin Svenson tells his 83,200 YouTube followers that Bitcoin appears to be in the final stages of a parabolic trend that began in 2023.
According to Svenson, Bitcoin could ignite a fresh leg up once it takes out its final resistance area at around $110,000.
“It’s going to be a really epic next few months if we do get this breakout, because we are still following the parabolic trend to this day.”
Svenson believes that a breakout will trigger a “blow-off top” for Bitcoin, where BTC will experience a period of rapid price increases before collapsing.
“The next phase is the vertical phase, where you go into a potential blow-off top. A parabola is simply just an exponential trend and it gets steeper and steeper. And because of that, by definition, the parabolic trend it’s unsustainable…
It’s a trade-off: it gets really, really bullish, and because of that, it’s unsustainable. Eventually, the trend just gives out just like Bitcoin in 2017, 2021. Eventually, the trend will shift back…
But this next push could be until October.”
Looking at the trader’s chart, he seems to predict that BTC will soar to $135,000 in the coming months. At time of writing, Bitcoin is worth $110,085.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
An analyst known for making timely Bitcoin calls believes that BTC is poised to witness steep rallies in the coming months.
In a new video, trader Kevin Svenson tells his 83,200 YouTube followers that Bitcoin appears to be in the final stages of a parabolic trend that began in 2023.
According to Svenson, Bitcoin could ignite a fresh leg up once it takes out its final resistance area at around $110,000.
“It’s going to be a really epic next few months if we do get this breakout, because we are still following the parabolic trend to this day.”
Svenson believes that a breakout will trigger a “blow-off top” for Bitcoin, where BTC will experience a period of rapid price increases before collapsing.
“The next phase is the vertical phase, where you go into a potential blow-off top. A parabola is simply just an exponential trend and it gets steeper and steeper. And because of that, by definition, the parabolic trend it’s unsustainable…
It’s a trade-off: it gets really, really bullish, and because of that, it’s unsustainable. Eventually, the trend just gives out just like Bitcoin in 2017, 2021. Eventually, the trend will shift back…
But this next push could be until October.”
Looking at the trader’s chart, he seems to predict that BTC will soar to $135,000 in the coming months. At time of writing, Bitcoin is worth $110,085.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
