Bitcoin Poised for Another Record-Breaking Run, Analyst Predicts

Cryptocurrency analyst Kevin Svenson believes Bitcoin (BTC) is exhibiting bullish signs similar to those seen before its surge to record highs earlier this year.

Bullish Signals

Svenson points to a reversal bottom pattern and a breakout above the Relative Strength Index (RSI) downtrend line as indicators of Bitcoin’s bullish momentum. He notes that this pattern mirrors the price action witnessed before Bitcoin’s rally to $73,737 in March.

Parabolic Curve Pattern

Svenson suggests that Bitcoin is currently in the fourth stage of a parabolic curve pattern, which could theoretically lead to a peak of $90,000. However, he believes that Bitcoin may exceed this target given the recent halving event.

Potential Trajectory

Svenson predicts that Bitcoin could initially rise to $90,000, followed by a consolidation period before another upward push. This would create a larger parabolic trend.

Disclaimer

Svenson emphasizes that his views are not investment advice and that investors should conduct their own research before making any decisions.

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