An analyst known for making timely Bitcoin calls believes that BTC is poised to witness steep rallies in the coming months.
In a new video, trader Kevin Svenson tells his 83,200 YouTube followers that Bitcoin appears to be in the final stages of a parabolic trend that began in 2023.
According to Svenson, Bitcoin could ignite a fresh leg up once it takes out its final resistance area at around $110,000.
“It’s going to be a really epic next few months if we do get this breakout, because we are still following the parabolic trend to this day.”
Svenson believes that a breakout will trigger a “blow-off top” for Bitcoin, where BTC will experience a period of rapid price increases before collapsing.
“The next phase is the vertical phase, where you go into a potential blow-off top. A parabola is simply just an exponential trend and it gets steeper and steeper. And because of that, by definition, the parabolic trend it’s unsustainable…
It’s a trade-off: it gets really, really bullish, and because of that, it’s unsustainable. Eventually, the trend just gives out just like Bitcoin in 2017, 2021. Eventually, the trend will shift back…
But this next push could be until October.”
Source: Kevin Svenson/X
Looking at the trader’s chart, he seems to predict that BTC will soar to $135,000 in the coming months. At time of writing, Bitcoin is worth $110,085.
Generated Image: Midjourney