A closely followed crypto strategist believes that Bitcoin (BTC) could now be in the midst of a consolidative period to set the stage for a parabolic rally.
In a new video, analyst Kevin Svenson tells his 124,200 Twitter followers that BTC may be in the process of building a base of buyers before printing gains of over 100%.
According to Svenson, Bitcoin appears to be following the parabolic diagram after creating two bases of support. Traditionally, a parabolic asset creates three bases of support before launching a 2x rally in a short amount of time.
Says Svenson,
“Bitcoin, from $15,500 at the beginning of the year to where we are now currently at [$28,000]. Bitcoin has created two bases of support, and possibly we’re about to create base three. Why is that important?
If you look at the parabolic diagram, it suggests after three bases of support were created within the parabola, the stock price then doubles, or in this case, the crypto price doubles after base three. This means we have a possible base being created around $30,000 and then double to $60,000, according to the textbook.”
The analyst also says that Bitcoin looks strong as it continues to respect both its diagonal trendline and horizontal support on the four-hour chart.
“Bitcoin – maintaining an aggressive bullish posture.”
At time of writing, Bitcoin is trading for $28,114.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck 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: Midjourney
The post Top Crypto Analyst Says Bitcoin Could Be Gearing Up for Parabolic Push – Here’s His Target appeared first on The Daily Hodl.
