Bitcoin (BTC) is on the cusp of experiencing its third parabolic surge in this cycle, according to a prominent crypto strategist. In a recent video update, analyst Kevin Svenson conveyed to his 78,700 YouTube followers that Bitcoin seems to be displaying a similar pattern to its 2017 price action, where it went through three parabolic phases before concluding its bull market.

Svenson stated, “In 2017, there were multiple phases of the parabolic trend where you have a shorter-term parabolic trend that would then break down into a larger one and then it would it again – break down into a larger trend. Then eventually, you had a major, major vertical run toward the end.”

Drawing parallels to the present, Svenson emphasized that the current situation in 2024 is akin to that of 2017. He expressed his belief that there is no reason why history couldn’t repeat itself, but a renewed sense of optimism and regained momentum are needed for this to occur.

Svenson further pointed out that technical indicators are indicating a shift in momentum in favor of Bitcoin bulls. By analyzing Bitcoin’s relative strength index (RSI), a momentum indicator, Svenson highlighted that the RSI found support at a certain level when BTC embarked on its second parabolic phase in this cycle.

He explained, “If you look at the beginning of 2023 when we had that initial part of the parabola with a breakdown, we found support right around the 45 level on the weekly RSI, and we just bounced off that level again… So this could just be a zone of expansion of the trend.”

Svenson also discussed Bitcoin’s moving average convergence divergence (MACD), a trend indicator, which suggests that BTC bulls are regaining control of the market. He noted, “The weekly MACD right now is starting to show that bearish momentum is decreasing, that bullish momentum is starting to pick up. If that is the case, when we have these weekly MACD histogram turnarounds, that’s normally where the price is getting tremendous speed.”

At the time of writing, Bitcoin is trading at $65,469, marking a 15% increase in the past seven days.

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