Analyst says Bitcoin reaches steepest part of parabolic rally and hits new all-time high – here are his targets
A closely followed analyst believes Bitcoin (BTC) is quickly approaching a point in its parabolic uptrend where the crypto king's value could skyrocket in a relatively short period of time.
In a new video, crypto strategist Kevin Svenson tells his 72,500 YouTube subscribers that Bitcoin follows a textbook parabolic curve pattern.
According to the analyst, Bitcoin appears to be in the base three of the pattern, putting BTC in position to record massive gains in a steep uptrend.
“I think that's as clear as day as we're currently approaching the steeper part of the parabolic trend, which is where base three is on the chart when things get really steep.
Here we are now, folks. It gets pretty steep. What will happen next? How high will we go?
The textbook suggests that after base three you get a double price: $45.00 times two is the target of the parabola. According to the textbook, $90,000 would be the goal.”
Source: Kevin Svenson/X
Based on the textbook chart, the price of an asset trading at base three of a parabolic uptrend could double “in a very short period of time.”
The analyst also points out that Bitcoin bull markets tend to occur when global liquidity, or the amount of money sloshing around the world's financial system, increases. According to the analyst, Bitcoin is currently rising despite declining global liquidity, suggesting that BTC could perform well above the crowd's expectations if liquidity increases.
“In recent cycles, Bitcoin has trended upward alongside global liquidity. Now we are moving in an upward trend, contrary to the liquidity cycle.
So when the liquidity cycle turns in our favor, it's kind of a double whammy. Bitcoin is deviating positively from global liquidity, we have ETF (Exchange Traded Fund) approval, the halving is just around the corner. There are a lot of really good things here for Bitcoin and crypto, so I'm open to the idea that the unexpected is always likely in this market.
The peak estimate I have is $142,500.”
At the time of writing, Bitcoin is worth $51,429.
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