A closely followed crypto strategist and trader believes that Bitcoin (BTC) is in the early stages of a parabolic surge.
Crypto analyst Kevin Svenson explains that Bitcoin tends to go on a parabolic surge during its pre-halving year. The upcoming halving, scheduled for April 2024, is traditionally seen as a bullish catalyst as it cuts BTC miners' rewards in half.
Svenson shares a chart indicating that Bitcoin could climb to as high as $60,000 a month before the next halving event. He emphasizes that the parabolic surge is already forming and highlights that parabolas typically form during every pre-halving period.
While Svenson is bullish on Bitcoin, he acknowledges that BTC will likely experience several corrective moves on its way to $60,000. He warns that quick dumps may occur to wipe out late longs along the way.
Svenson presents two bullish scenarios for Bitcoin's short-term moves. The first scenario involves Bitcoin continuing its upward trend to reach channel resistance at $36,850. The second scenario suggests that Bitcoin may fail to hold the point of control and fill the volume gap at $31,500 before continuing its uptrend.
At the time of writing, Bitcoin is valued at $35,403.
Bitcoin is currently in the early stages of a parabolic surge, which is typical during its pre-halving year. While the future may not exactly mirror the chart, parabolas have historically formed during every pre-halving period. However, Svenson cautions that Bitcoin's journey to $60,000 will likely involve corrective moves and quick dumps. Despite this, he remains highly bullish on Bitcoin's long-term prospects. Investors should stay informed and exercise caution when making high-risk investments in Bitcoin or other cryptocurrencies.
