Crypto currency expert Kevin Svenson has shared insightful predictions regarding Bitcoin‘s trajectory, indicating a possible 40% surge from its current price level. Svenson’s analysis centers on the cryptocurrency confirming the fourth phase of the parabolic curve model on its weekly chart, suggesting a substantial increase could follow.
Understanding the Parabolic Curve’s Fourth Phase
Svenson’s technical analysis reveals a parabolic curve pattern that Bitcoin seems to be echoing, with the fourth phase often signaling a major breakthrough. He believes identifying the bottom of this phase is crucial for predicting a significant upswing in Bitcoin’s market value, along with an increase in volatility.
To his audience on YouTube, the analyst described Bitcoin’s movements as mirroring textbook examples of this model. He pointed to a potential peak selling point that could reach approximately $90,000, considering current market behavior.
Predictions for Post-Peak Bitcoin Fluctuations
Svenson drew comparisons to the 2017 market trend, suggesting the possibility of a 40% drop from an estimated $90,000 high, likely followed by a correction towards the $50,000 mark. He emphasized that before Bitcoin escalates towards higher values, it might experience a consolidation period akin to the patterns seen in past market cycles.
He also warned investors to brace for dramatic swings in their investment values, which could potentially halve during these volatile periods. Currently, Bitcoin trades at $64,440 with its market capitalization standing at $1.26 trillion, showing significant growth over recent weeks.