Bitcoin is on the cusp of embarking on its final significant surge in price, according to crypto strategist Kevin Svenson. In a recent video update, Svenson, who has a substantial following on social media, predicts that Bitcoin’s parabolic trend will lead to prices nearing $100,000.
Svenson explains that Bitcoin is currently in base four and once it surpasses a new high, confirming base four, it could skyrocket to around $90,000. He emphasizes that this move, from $66,000 to $90,000, is substantial, despite what may be depicted on the weekly chart. Svenson also points to the weekly MACD as an indicator that suggests this surge may occur within the next month or two. Maintaining the neutral zone on the MACD is crucial for momentum-based trends.
The MACD, a technical indicator that measures trend momentum, played a significant role in Bitcoin’s rallies in 2017. Svenson draws parallels between the current situation and 2017, noting that Bitcoin held the MACD neutral zone during pullbacks, which marked the low before each major parabolic advance. He believes that Bitcoin is currently following a similar pattern, which will result in a continuation of the trend with a consolidation and a future upward surge.
As of now, Bitcoin’s value stands at $66,557.
Note: The opinions expressed in this article are not investment advice, and readers are urged to conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.
