Source: dailyhodl.com
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?
– No.
Do parabolas form during every [pre-halving]?
– Yes.”
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.
“Scenario one:
Continuation up to channel resistance $36,850.
Scenario two:
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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Read More at dailyhodl.com