A closely followed crypto strategist believes Bitcoin (BTC) is ready to launch the final steep rally of its parabolic trend.
In a new video update, analyst Kevin Svenson tell its 142,100 followers on social media platform
“Bitcoin may be ready to play out the final vertical point of the parabolic trend, which is a very big move. Bitcoin is currently in base four. Once we break through a new high confirming base four, we could be heading towards $90,000. This is a big move – from $66,000 to $90,000 – it’s a big move, despite what it looks like on the weekly chart.
And there are indicators that suggest we could see this happening in a month or two, namely the weekly MACD (moving average convergence divergence). Maintaining the neutral zone is important in a momentum-based trend.
The MACD is a technical indicator that measures the momentum of a trend. According to Svenson, Bitcoin appears to be repeating the same pattern seen in 2017, when the crypto king sparked large rallies after holding the MACD neutral zone.
“Look at 2017. In 2017, when we went from a few hundred dollars to $20,000, we held the MACD neutral zone on every pullback. And it marked the bottom with the next major parabolic advance – a huge rise for Bitcoin each time.
By now, it’s pretty clear that Bitcoin is following a similar pattern, a continuation pattern: maintaining the neutral zone. [and then] parabolic advance… This will give us our next vertical thrust towards the outlet, according to the manual.
Is the point of sale the end of the Bitcoin cycle? No, this is the end of the trend with consolidation and continuation higher later.
At the time of writing, Bitcoin is worth $66,557.
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