Crypto analyst Kevin Svenson believes Bitcoin (BTC) is gearing up for its final surge in a parabolic trend that could push prices close to $100,000.
Base Four Breakout
Svenson explains that Bitcoin is currently in “base four” and a breakout to a new high could trigger a rally towards $90,000. This would be a significant move, especially considering the weekly chart.
MACD Indicator
Svenson points to the weekly MACD indicator, which measures momentum. He believes Bitcoin is following a similar pattern to 2017, where holding the MACD neutral zone marked the start of major parabolic advances.
Sell Point Not the End
Svenson emphasizes that the sell point does not mark the end of Bitcoin’s cycle but rather the end of the current trend. He expects a consolidation period followed by another upward continuation.
Current Price
At the time of writing, Bitcoin is trading at $66,557.
