A prominent crypto strategist is confident that Bitcoin (BTC) is on the brink of a parabolic surge, as the leading cryptocurrency displays a bullish reading on its daily chart. In a recent video shared on YouTube, Kevin Svenson, an analyst with a substantial following of 71,000 subscribers, highlights the crossing of Bitcoin’s moving average convergence divergence (MACD) indicator on the daily chart.
The MACD is a widely used momentum indicator that traders rely on to identify potential trend reversals. Svenson points out that Bitcoin has experienced significant rallies on two previous occasions when the MACD exhibited a bullish cross on the daily chart. He emphasizes that these daily MACD crossovers often mark the beginning of much larger moves in the cryptocurrency’s price.
Svenson cites the examples from earlier this year, stating, “We saw this earlier in March with a 45% price increase occurring right after our daily MACD cross-up, and earlier this year when we crossed up. We witnessed Bitcoin surging from approximately $16,000 to over $20,000, $23,000, and $24,000.
These daily MACD crossovers have resulted in substantial gains in the past.”
Regarding his target for a potential Bitcoin surge, Svenson focuses on the cryptocurrency’s potential parabolic setup. He believes that Bitcoin is closely adhering to the parabolic curve cheat sheet, following a clear pattern. Svenson identifies the current phase as “base three” and suggests that it is nearing completion on the edge of the parabolic curve. He stresses the need for a bounce in order to sustain the parabolic curve.
Svenson then turns to a diagram that indicates the next move could propel Bitcoin to approximately $48,000. This projection aligns with the potential of a parabolic surge, indicating a significant upward movement in Bitcoin’s price.
It’s important to note that these predictions are based on technical analysis and historical patterns, and they should be interpreted with caution. The cryptocurrency market is highly volatile, and price movements can be influenced by numerous factors. Traders and investors should conduct thorough research and consider multiple indicators before making any financial decisions.
