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Cryptocurrency analyst Kevin Svenson is offering his forecast on Bitcoin (BTC) amid a correction in the market.
Svenson tells his 73,200 YouTube subscribers that Bitcoin is in the early stages of the fourth level of a parabolic curve pattern that started around November of 2022.
A parabolic curve pattern is a staircase-like formation with four levels where the price generally pauses and whipsaws around for a while at each of the levels before continuing the bullish trend.
According to Svenson, as Bitcoin embarks on the fourth stage of the current parabolic curve pattern, the volatility levels will shoot up.
“Bitcoin is actually not finished with Base 4 (of the parabolic curve pattern). We don’t have a confirmed top and the price action has not traded into the trend line just yet.
So that means that going into this [Base 4] zone, there’s likely going to be a lot of volatility. Bitcoin’s price could see all kinds of swings – we could go to $80,000, come back to $55,000 bounce again, up above $70,000, pull back in the mid-$60,000s, run again. And this would all be within a parabolic trend.
That is how crazy these trends can get and it will make your head spin, guys. Your head is going to spin when you see these swings take place.”
Source: Kevin Svenson/YouTube
Bitcoin is trading at $67,771 at time of writing.
Svenson says that his target for Bitcoin based on the current parabolic curve pattern is a price of $90,000.
“Is that going to be the top of the run? Is that going to be the end of the bull market? Well, that’s hard to say. It’s not something that I would want to call out right now. It’s more likely like 2017 that once you hit a price like that, you break the parabolic trend and then form a larger parabolic trend.”
Source: Kevin Svenson/YouTube
Generated Image: DALLE3
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