If we can believe popular analyst Kevin Svenson, a new parabolic rise in the Bitcoin price is a matter of time. After reaching the all-time high of $73,800, Bitcoin entered a downward trend, but according to the analyst this should not last long.
Kevin Svenson https://twitter.com/KevinSvenson_/status/1787141964191732145 that it is a matter of time before the Bitcoin price of 90,000 dollars is on the boards.
Bitcoin price on its way to $90,000?
On Twitter, Svenson writes that Bitcoin has likely completed its “fourth base” of the parabolic curve pattern. “We are now entering a phase where Bitcoin’s parabolic phase is obvious. I’ve been shouting this out for the past year and now here we are. It is real.”
Svenson is so bullish right now because he sees two key momentum indicators being bullish right now. This concerns the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) on the daily chart.
Both of those indicators are now on the side of the bulls and, according to Svenson, that is usually a good sign for the Bitcoin price. “We are seeing the first positive MACD in more than 50 days and the RSI has also broken out of its 65-day downtrend,” the analyst said.
Based on these two developments, according to Svenson, it is time for Bitcoin to embark on a massive breakout.
Is the Bitcoin price of $90,000 the top?
Kevin Svenson expects a Bitcoin price of 90,000 dollars in the short term, but according to the analyst that does not necessarily have to be the top. He does expect a gigantic correction after reaching that price.
Despite that correction, he thinks we are still very early in Bitcoin’s bull market. “The Bitcoin halving has only just ended. There will be a lot more action after this moment,” the analyst claims.
At the time of writing, Bitcoin is trading at $63,700 and it appears that the bulls are running into some resistance. After all, Bitcoin was still trading above $65,000 yesterday. In that respect, it is important that we start rising again in the coming days.
