If popular analyst Kevin Svenson is to be believed, Bitcoin represents the “vertical part” of its “parabolic trend”. These are words that will be music to the ears of many Bitcoiners, because they generally mean that we are going to rise. The only thing is that Kevin Svenson will of course have to be proven right and that is anything but a certainty.
Fantastic start to 2024 for Bitcoin
The Bitcoin price started the year 2024 fantastic. During the first three months of the year, people even started to wonder whether there would be any corrections at all.
Well they came. After Bitcoin reached its preliminary all-time high of $73,800 on March 14, the bulls slowly lost control of the market. It’s not that the bears are completely in control now, but the positive momentum has disappeared.
Bitcoin eventually fell below $60,000 and is now well above that again. The Bitcoin price is currently clocking in at $66,862, marking an increase of 0.73 percent over the past 24 hours.
Ethereum is doing slightly better with an increase of 2.65 percent over the past 24 hours. This puts Ethereum at a price of $3,259.
Parabolic Rise for Bitcoin?
Kevin Svenson is currently a firm believer in the second part of the Bitcoin bull market.
The analyst bases this on, among other things, the MACD, a technical indicator that measures the momentum of an asset. According to Svenson, Bitcoin is currently following a pattern that we also saw in 2017.
At the time, Bitcoin’s MACD also managed to hold in the neutral zone, before exploding. In that respect, it is important that the Bitcoin price manages to maintain that neutral zone for the MACD in every downturn.
In any case, Svenson seems to expect a Bitcoin price of more than 100,000 dollars for 2024, as can be seen from the graph above. By the way, he sees that price as a selling moment for Bitcoin.
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Source: https://newsbit.nl/analist-bitcoin-klaar-voor-verticale-gedeelte-van-parabolische-stijging/
