Bitcoin is displaying positive signs that indicate a bullish trend, according to cryptocurrency analyst and trader Kevin Svenson. With a subscriber base of 78,100 on YouTube, Svenson explains that Bitcoin is breaking out of a reversal bottom pattern, suggesting a bullish market. He highlights that Bitcoin is currently above the Relative Strength Index (RSI) downtrend line on the daily chart, indicating a continuation of the upward trend. The RSI is an oscillator used to identify oversold or overbought conditions in trading.

Svenson draws a parallel between Bitcoin’s current price action and a similar pattern observed earlier this year, just before the cryptocurrency surged to around $73,737 in mid-March. He states that Bitcoin is following the same scenario as before, which could potentially lead to new all-time highs.

The analyst believes that Bitcoin is currently in the fourth stage of a parabolic curve pattern, which could potentially peak at $90,000. A parabolic curve pattern consists of four stages or bases, where the price trades in a range at each stage before continuing upward. However, Svenson suggests that Bitcoin may experience a cooling period after reaching the $90,000 target, followed by a breakdown of the trend and a sideways consolidation. This could be followed by another push upward, creating a larger and more expansive parabolic trend.

Svenson emphasizes that the $90,000 target is a textbook prediction and not necessarily the peak of the current cycle. Given that the halving event has recently occurred, he believes that Bitcoin could surpass $90,000 in this bull cycle. However, cautioning investors, he advises conducting thorough research and due diligence before engaging in high-risk investments in Bitcoin or other cryptocurrencies.

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