Bitcoin is poised for its third parabolic run this cycle, according to crypto strategist Kevin Svenson. Svenson points out that Bitcoin is following a similar pattern to its 2017 price action, where the cryptocurrency experienced multiple phases of parabolic trends before reaching the end of its bull market. He emphasizes the need for renewed optimism and momentum for another vertical run.
Technical indicators support Svenson’s bullish outlook for Bitcoin, with the relative strength index (RSI) finding support at a key level as the cryptocurrency entered its second parabolic phase of this cycle. He notes that the RSI bounce off the 45 level could indicate a zone of expansion for the trend. Additionally, the moving average convergence divergence (MACD) indicator suggests that bullish momentum is increasing and bearish momentum is decreasing, indicating that BTC bulls are regaining control of the market.
As of the time of writing, Bitcoin is trading at $65,469, showing a 15% increase over the past seven days. This positive price movement aligns with Svenson’s analysis of the technical indicators, further supporting his prediction of a third parabolic run for Bitcoin in this cycle. To stay updated on the latest developments in the cryptocurrency market, subscribers can sign up to receive email alerts directly to their inbox and follow relevant platforms like X, Facebook, and Telegram.
In conclusion, the crypto community is closely monitoring Bitcoin’s price action as it shows signs of gearing up for another parabolic run. Svenson’s analysis of the technical indicators, such as the RSI and MACD, provides valuable insights into the current market sentiment and potential price movements for Bitcoin. With the cryptocurrency trading at $65,469 and showing a positive trend over the past week, investors and enthusiasts are eagerly anticipating the possibility of Bitcoin entering its third parabolic phase this cycle. Stay informed and engaged with the latest updates by subscribing to email alerts and following relevant channels on social media platforms.
