Bitcoin, the popular cryptocurrency, is expected to experience its third parabolic run this cycle, according to crypto strategist Kevin Svenson. Svenson, followed closely by 78,700 YouTube subscribers, believes that Bitcoin is currently following a similar pattern to its price action in 2017, where it witnessed three parabolic phases before the end of the bull market. Svenson emphasizes the need for renewed optimism and momentum for Bitcoin to continue its upward trend.

Svenson highlights that technical indicators are indicating a shift in momentum in favor of Bitcoin bulls. He points to Bitcoin’s relative strength index (RSI), which found support at a certain level during the second parabolic phase of this cycle. Svenson suggests that the current level may represent an expansion zone for the trend.

Furthermore, Svenson analyzes Bitcoin’s moving average convergence divergence (MACD), a trend indicator, which suggests that bullish momentum is gaining strength and bearish momentum is decreasing. He explains that when the weekly MACD histogram turns around, it often indicates a significant increase in price.

As of now, Bitcoin is trading at $65,469, reflecting a 15% increase in the past week.

Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.