A closely watched crypto strategist says he believes Bitcoin (BTC) is gearing up for a parabolic rise as the crypto king shows a bullish reading on the daily chart.
In a new YouTube video, analyst Kevin Svenson tells his 71,000 subscribers that Bitcoin’s moving average convergence divergence indicator (MACD) has just crossed the daily chart.
The MACD is a momentum indicator that traders use to monitor potential trend reversals.
According to Svenson, Bitcoin has risen sharply the last two times the MACD showed a bullish cross on the daily chart.
“These daily MACD crossovers can sometimes be just the start of a much bigger move. We saw this earlier in March with a 45% pump right after our daily MACD cross-up, and earlier this year when we crossed over. We went from about $16,000 to over $20,000, $23,000 and $24,000.
So these daily MACD crossovers have produced some pretty big moves this year.
As for his target for a possible rise in Bitcoin, Svenson says he is looking at Bitcoin’s potential parabolic setup. According to the analyst, Bitcoin follows the parabolic curve cheat sheet “to a T”.
“We are now finalizing base three. We’ve been through base one, we’ve been through base two, and now we’re in base three. And base three is nearing completion right here at the edge of the parabolic curve.
We do have to bounce here to maintain a parabolic curve…
What this chart suggests is that the next move would actually net us over $48,000.
At the time of writing, Bitcoin is trading at $28,005.
i
Don’t Miss Out – Subscribe to receive crypto email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Image generated: Midway through the journey