In the latest developments concerning Bitcoin, analyst Kevin Svenson expresses optimism, noting that the cryptocurrency remains close to its peak value achieved this week.
What Does the Parabolic Trend Indicate?
Svenson emphasizes that Bitcoin is currently following a parabolic trend, indicating there is a significant potential for growth before possible downturns. "This parabolic trend is beginning to steepen in larger time frames... For now, the trend is our friend. I believe it will continue to rise for a longer period, and Bitcoin will take another significant upward step on this trajectory." Svenson predicts that Bitcoin could see an increase of about 19% to 34% from its present position, which might happen before the parabolic trend, initiated earlier in 2023, concludes. "The next sell point for this movement is expected to occur between approximately $124,000 and $140,000, before a significant correction or break in the parabolic trend."
How Soon Will Price Movements Change?
Looking ahead, Svenson argues that if Bitcoin continues its historical four-year cycle pattern, the current upward movement could wrap up in the last quarter of this year. "According to my models, the 40th week post-halving... is the time when the crypto market is most optimistic, lasting a total of 40 weeks. Therefore, 80 weeks after halving, in October 2025, the bullish market ends and the bearish phase begins in almost every cycle." Currently, Bitcoin is trading at around $104,260, and the expected bear market’s onset in October 2025 could mark a pivotal moment for traders.
Key Insights and Predictions
Key insights include: * Svenson predicts a 19% to 34% increase for Bitcoin. * Expected sell points range between $124,000 and $140,000. * The possible end of the bullish phase is anticipated in Q4 2023. * The bear market may start in October 2025, based on historical cycles. Market trends, sentiment, and economic conditions are factors that may sway Bitcoin’s trajectory. Svenson’s insights could significantly influence trading strategies in the coming months.
The analysis of parabolic trends and Kevin Svenson's strategies provide insights that may be crucial for traders and investors monitoring the Bitcoin market.
