Cryptocurrency analyst Kevin Svenson predicts that Bitcoin (BTC) is on the verge of a wild ride.
Volatility to Skyrocket
According to Svenson, Bitcoin is about to enter the fourth stage of a parabolic curve pattern. This stage typically precedes a breakout to a higher level, known as the “sell point” or correction zone.
“If we hit another high, that would confirm base four,” Svenson says. “This means that Bitcoin is now looking for that final extension up to the sell point, which is $90,000.”
Brace for Big Swings
Svenson warns that once Bitcoin hits $90,000, volatility will reach levels similar to those seen in 2017.
“If we get a classic 2017 40% dip from $90,000, your portfolio could drop in half,” he says.
Current Price
At the time of writing, Bitcoin is trading at $63,987.
