A popular crypto analyst, Kevin Svenson, believes Bitcoin (BTC) is on the verge of a massive price surge, similar to the parabolic run it experienced in 2017.
Deja Vu: Bitcoin’s Past and Present
Svenson points out that Bitcoin’s price action in 2017 featured three distinct parabolic phases before the bull market ended. He sees a similar pattern unfolding in 2024, with Bitcoin potentially entering its third parabolic phase.
“We’re in the same position we were in 2017,” Svenson said. “All we need is a renewed sense of optimism and a bit of momentum.”
Technical Indicators Point to Bullish Momentum
Svenson backs up his prediction with technical analysis. He notes that Bitcoin’s Relative Strength Index (RSI), a momentum indicator, has found support at a key level, suggesting a potential shift in market sentiment.
“The RSI bounced off the same level it did at the start of the second parabolic phase in 2023,” Svenson explained. “This could be a sign that the trend is about to expand.”
Svenson also points to Bitcoin’s Moving Average Convergence Divergence (MACD), a trend indicator, which he says suggests that bullish momentum is gaining traction.
“The MACD is showing that bearish momentum is fading, and bullish momentum is picking up,” he said. “This usually leads to significant price gains.”
Bitcoin on the Rise
At the time of writing, Bitcoin is trading at $65,469, up 15% in the past week. This surge in price seems to support Svenson’s prediction of a potential parabolic rally.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. /p>
