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.
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.