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.
