Analyst’s Outlook: Bitcoin Poised to Reach Culminating Vertical Point of Parabolic Trend
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Analyst’s Outlook: Bitcoin Poised to Reach Culminating Vertical Point of Parabolic Trend

Bitcoin is on the verge of embarking on its final steep rally, according to crypto strategist Kevin Svenson. In a recent video update, Svenson expressed his belief that the cryptocurrency is about to enter the last leg of its parabolic trend, potentially pushing its price close to $100,000. He explained that Bitcoin is currently in base four and once it breaks a new high to confirm this base, it could surge towards $90,000. Svenson noted that indicators, such as the weekly MACD, suggest that this rally may occur within the next month or two. The MACD is a technical indicator that measures trend momentum. Svenson compared the current situation to 2017, when Bitcoin experienced significant rallies after holding the MACD neutral zone. He believes that Bitcoin is repeating a similar pattern and that the next parabolic advance will lead to a consolidation and continuation of the upward trend. As of now, Bitcoin is valued at $66,557.

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