Bitcoin may be on the verge of a powerful move that could define the rest of the year, according to one closely followed trader.
Market analyst Kevin Svenson believes that the current price structure points toward the final stage of an ongoing exponential rally that first took shape in 2023.
In his latest update, Svenson argued that Bitcoin is edging closer to breaking through its last major resistance, hovering around the $110,000 level. If that barrier falls, he predicts a sharp vertical climb in price—a signature move often seen at the end of parabolic cycles.
He described the next phase as a “vertical push,” a classic hallmark of market euphoria. This is when prices accelerate rapidly, often culminating in what’s known as a blow-off top—a steep surge followed by a significant retracement.
Svenson compared the potential scenario to what unfolded in previous Bitcoin cycles, notably in 2017 and 2021.
While acknowledging that parabolic trends don’t last forever, he said the upside could still extend into the early autumn months. If history is any guide, Bitcoin could see its peak sometime around October before the trend inevitably cools off.
As institutional adoption of Bitcoin accelerates, U.S. asset management giant Franklin Templeton has issued a cautionary note on the growing trend of crypto-based treasury strategies.
Bitcoin rose 1.78% over the past 24 hours to reach $109,500 at the time of writing, driven by surging institutional inflows into spot ETFs, easing global trade tensions, and strengthening technical momentum.
BlackRock’s spot Bitcoin exchange-traded fund (ETF), known by its ticker IBIT, has surpassed the firm’s flagship S&P 500 ETF in annual revenue, according to a new report from Bloomberg.
Robert Kiyosaki, author of Rich Dad Poor Dad, revealed on July 1 that he purchased another Bitcoin, reaffirming his long-term bullish stance—even if it comes with personal risk.