Bitcoin’s Potential Parabolic Surge: Analyst Forecasts and Trends
A notable crypto strategist and trader expressed the view that Bitcoin (BTC) is in the early stages of a parabolic surge.
Kevin Svenson, a respected crypto analyst, discussed with his substantial following on the social media platform X the historical trend of Bitcoin entering a parabolic surge before its halving events.
The next halving is expected in April 2024, known to be a bullish catalyst by cutting BTC miners’ rewards in half.
Svenson suggested that Bitcoin could potentially climb to $60,000 approximately a month before the impending halving event.
He noted the recurring formation of parabolic surges during each pre-halving period.
Despite his optimism about Bitcoin’s future, Svenson also mentioned the likelihood of multiple corrective moves occurring on the way to the $60,000 mark, implying that while he maintains a bullish stance on Bitcoin, he anticipates volatile market movements.
READ MORE: Bitcoin: On-Chain Signals and Capital Influx Hint Potential Rally
Regarding the short-term Bitcoin outlook, Svenson outlined two bullish scenarios for BTC without utilizing direct quotes, including a potential upward continuation towards channel resistance at $36,850, as well as a probable filling of the volume gap around $31,500 before a subsequent upward movement or continued uptrend.
Both scenarios indicated a bullish trend for Bitcoin.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
