Bitcoin Set for Third Parabolic Surge in Current Cycle, Analyst Suggests

A noted crypto strategist, Kevin Svenson, has highlighted Bitcoin (BTC) as potentially entering its third parabolic phase within the current market cycle, drawing comparisons to its historical performance in 2017.

Svenson pointed out that in 2017, Bitcoin experienced several phases of parabolic growth, where each shorter-term surge was followed by a consolidation before launching into a larger upward trend. He suggests that the current market conditions in 2024 resemble those preceding Bitcoin’s significant vertical rallies in the past.

My #BITCOIN Prediction
= Higher than you thought possible

✍️ The peak price target is not displayed on this chart. I’m simply showing the expected structure. #BTC $BTC 🔗https://t.co/QWfMfxCqiW pic.twitter.com/f29ovFn9f6

— Kevin Svenson (@KevinSvenson_) July 15, 2024

Svenson emphasized that the key factors driving this potential parabolic move include a renewed sense of optimism among investors and a resurgence in market momentum.

According to him, Bitcoin’s technical indicators, such as the relative strength index (RSI) and the moving average convergence divergence (MACD), support this bullish outlook.

The RSI, a momentum indicator, has shown strong support levels similar to those observed before previous parabolic phases.

Meanwhile, the MACD, a trend indicator, indicates a shift from bearish to bullish momentum, signaling a potential acceleration in Bitcoin’s price movement.

Svenson’s analysis suggests that if Bitcoin can maintain its current trajectory and overcome key resistance levels, it could pave the way for another significant uptrend similar to those seen during previous market cycles.

This prediction has sparked interest among cryptocurrency enthusiasts and investors who closely follow Bitcoin’s price movements as an indicator of broader market sentiment and potential future trends in the digital asset space.