Cryptocurrency analyst and trader Kevin Svenson believes Bitcoin (BTC) is now poised to ignite steep rallies with shallow pullbacks.
In a new strategy session, Svenson tells his 83,500 YouTube subscribers that Bitcoin will likely print new all-time high prices as it launches the final phase of its parabolic advance.
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While Svenson believes that rallies are in sight for BTC, he cautions that a sharp correction may follow the next leg up.
“We are now entering the vertical stage, where most likely the price is going to be sending up toward levels like $140,000 – $150,000 is my estimated range for the next top zone to come in before a break of the parabolic trend.
And unlike the textbook diagram where it’s a straight line, that’s of course not how it goes. It’s not going to be a straight line up. There’s going to be chop, volatility all along the way on our way to those higher levels.
Maybe around October, we’ll be seeing $140,000 – $150,000 for Bitcoin.”
Looking at the trader’s chart, he seems to suggest that Bitcoin is now escaping base four of the parabolic curve pattern – a phase where BTC will likely witness a blow-off rally before a parabolic burst.
Bitcoin is trading at $116,445 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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