Cryptocurrency analyst Kevin Svenson is expressing a bullish sentiment towards Bitcoin (BTC) as the leading digital asset remains just below its all-time high reached earlier this week.
In a recent video, Svenson shares his views with his 82,200 YouTube subscribers, stating that Bitcoin is currently in a parabolic trend and still has the potential for further gains before a correction takes place.
“As the larger time scales show, this parabolic trend is starting to become more vertical… but for now, the trend is our ally. I believe that we are going to continue rising for a longer period of time. Bitcoin has another significant surge ahead on this parabola.”
Svenson predicts that Bitcoin could experience a price increase of 19% to 34% from its current level before completing the parabolic trend that began in early 2023.
“The next selling point for this parabola will be somewhere between $124,000 and $140,000, before a major correction occurs, leading to a breakdown of the parabolic trend.”
According to Svenson, Bitcoin’s bull run may come to an end in the fourth quarter of this year if its price action follows the patterns observed in previous four-year cycles.
“Based on my models, historically, the 40th week after the halving, which is this upcoming week or the current week… is typically the period when the crypto market becomes the most bullish. This bullish sentiment lasts for a total of 40 more weeks. Consequently, the bear market typically begins 80 weeks after the halving, which would be October 2025.”
At the time of writing, Bitcoin is trading at $104,260.
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