Crypto Expert Predicts Serious Volatility Ahead for Bitcoin
Cryptocurrency analyst Kevin Svenson is providing insights into Bitcoin's current trajectory amid a market correction.
Svenson notes that Bitcoin appears to be in the early stages of the fourth tier within a parabolic curve pattern that began around November 2022.
This pattern resembles a staircase, characterized by four distinct levels where the price typically undergoes periods of consolidation and fluctuation before resuming its upward trajectory.
As Bitcoin enters the fourth stage of this parabolic curve pattern, Svenson anticipates a notable increase in volatility.
Bitcoin hasn’t completed Base 4 of the parabolic curve pattern yet. There hasn’t been confirmation of a peak, and the price action hasn’t touched the trend line yet. As we enter this zone, expect significant volatility.
Bitcoin’s price could experience dramatic swings – reaching $80,000, retracing to $55,000, rallying back above $70,000, dipping into the mid-$60,000s, and rallying once more. And all of this would occur within the context of a parabolic trend. That’s how intense these trends can become, and it’s sure to keep you on your toes.
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At the time of reporting, Bitcoin is currently trading at $67,771.
Svenson projects a target price of $90,000 for Bitcoin based on the current parabolic curve pattern.
Will this mark the peak of the bull run? It’s difficult to ascertain at this moment. Similar to 2017, reaching a price of that magnitude could signify a break in the parabolic trend, leading to the formation of a larger parabolic trend.
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.
