Bitcoin Analyst Kevin Svenson Predicts Head-Spinning Volatility and Sets Targets
Cryptocurrency analyst Kevin Svenson shares his insights on Bitcoin’s current market correction and offers his forecast for the future. Svenson explains that Bitcoin is currently in the early stages of the fourth level of a parabolic curve pattern that began in November 2022. This pattern consists of four levels where the price tends to pause and fluctuate before continuing its upward trend.
As Bitcoin enters the fourth stage of this parabolic curve pattern, Svenson predicts that volatility levels will increase significantly. He suggests that during this phase, the price could experience various swings, ranging from $80,000 to $55,000, then bouncing back up to over $70,000, followed by a pullback to the mid-$60,000 range. These fluctuations are all expected to occur within the context of a parabolic trend.
Svenson emphasizes that these trends can be extremely volatile and may leave investors feeling dizzy. However, he believes that Bitcoin’s price has not yet reached its peak for this cycle and sets a target of $90,000 based on the current parabolic curve pattern.
He cautions against assuming that $90,000 will mark the end of the bull market or the top of the run. Instead, he draws parallels with the 2017 market cycle, suggesting that once Bitcoin reaches such a price point, it may break out of its current parabolic trend and establish a larger one.
Conclusion
Kevin Svenson’s analysis suggests that Bitcoin is entering a zone of high volatility as it progresses through the fourth level of its parabolic curve pattern. He anticipates significant price swings within this period and sets a target of $90,000 based on the current pattern. However, he advises caution in assuming that this will mark the end of the bull market, as historical trends indicate the potential for a larger parabolic trend to emerge. Investors should closely monitor Bitcoin’s price action and be prepared for potential head-spinning volatility.
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