A closely followed crypto strategist and trader believes that Bitcoin (BTC) is in the early stages of a parabolic surge.
Crypto analyst Kevin Svenson tells his 130,100 followers on the social media platform X that Bitcoin tends to go on a parabolic surge during its pre-halving year.
The halving, which is slated for April 2024, is traditionally seen as a bullish catalyst as it slashes BTC miners’ rewards in half.
Svenson shares a chart showing Bitcoin climbing to as high as $60,000 a month before the next halving event.
“The infamous parabola is coming.
It’s already forming as we speak.
Will the future look exactly like this?
Do parabolas form during every [pre-halving]?
While Svenson is bullish on Bitcoin, he says that BTC will likely undergo several corrective moves on its way to $60,000.
“I am highly bullish on Bitcoin. A massive bullish parabola is forming.
BUT it is not a straight line up. Everyone is bullish as hell. Don’t be surprised if we see quick dumps to wipe out late longs along the way.”
Looking at the possible short-term moves of Bitcoin, Svenson lays out two bullish scenarios for BTC.
Continuation up to channel resistance $36,850.
Fail to hold the point of control and fill the volume gap at $31,500 before running higher/continuing uptrend.
Both are bullish scenarios.”
At time of writing, Bitcoin is worth $35,403.
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