A notable crypto analyst, Kevin Svenson, has suggested that Bitcoin (BTC) could be on the brink of a parabolic surge. According to Svenson, the leading cryptocurrency is showing bullish signs on the daily chart, indicating a potential upward trend.
In a recent YouTube video, Svenson pointed out to his 71,000 subscribers that Bitcoin’s moving average convergence divergence (MACD) indicator has just crossed on the daily chart. The MACD is a momentum indicator often used by traders to identify potential trend reversals.
Svenson noted that Bitcoin experienced significant rallies the last two times the MACD indicated a bullish cross on the daily chart. He stated, “These daily MACD crossovers can sometimes be just the beginning of a much larger move.”
As for his target for a potential Bitcoin surge, Svenson referred to Bitcoin’s potential parabolic setup. He suggested that Bitcoin is closely following the parabolic curve cheat sheet. He explained, “We are now finalizing base three. We’ve had base one, we’ve had base two, and now we’re in base three. And base three is nearing completion here right on the edge of the parabolic curve.”
The analyst further suggested that if Bitcoin maintains its parabolic curve, the next move could potentially take it upwards of $48,000. At the time of Svenson’s analysis, Bitcoin was trading at around the $28,000 level.
Svenson’s prediction adds to the ongoing discourse about Bitcoin’s potential trajectory. As the cryptocurrency market continues to evolve, such insights provide valuable perspectives for investors and enthusiasts alike.
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