A closely watched analyst believes that Bitcoin (BTC) is quickly approaching a point in its parabolic uptrend where the crypto king’s value could skyrocket in a relatively short period of time.
In a new video, crypto strategist Kevin Svenson tells his 72,500 YouTube subscribers that Bitcoin follows a textbook parabolic curve pattern.
According to the analyst, Bitcoin appears to be in base three of the pattern, putting BTC in a position to witness massive gains on a steep upward move.
“I think this is as clear as day that we are currently approaching the steeper part of the parabolic trend, which is where base three is in the chart when it gets really steep.
Here we are now, guys. It gets quite steep. What will happen next? How high do we go?
The textbook suggests that after base three you get double the prize: $45.00 times two is the target of the parabola. According to the textbook, $90,000 would be the goal.”
Based on the textbook chart, an asset trade on base three of a parabolic uptrend could double in price “in a very short time.”
The analyst also notes that Bitcoin tends to witness bull markets when global liquidity, or the amount of money floating around in the global financial system, increases. According to the analyst, Bitcoin is currently rising despite declining global liquidity levels, indicating that BTC could far exceed public expectations if liquidity starts to pick up.
“In recent cycles, Bitcoin, like global liquidity, has been on the rise. Now we are going against the liquidity cycle.
So if the liquidity cycle turns in our favor, it’s a double whammy. Bitcoin is positively deviating from global liquidity, we have ETF (Exchange Traded Fund) approval and the halving is coming. There are a lot of good things here for Bitcoin and crypto, so I’m keeping my mind open to the idea that the unexpected is always likely in this market.
The estimated peak value I have is $142,500.
At the time of writing, Bitcoin is worth $51,429.
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Generated image: Midjourney