Bitcoin is once again mirroring the exact scenario that preceded its run to a record high, according to financial analyst Kevin Svenson. Svenson has revealed his targets for the cryptocurrency, predicting where it may be headed next. Stay tuned for more updates on Bitcoin’s Market movements.
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Cryptocurrency analyst and trader Kevin Svenson believes that Bitcoin (BTC) is showing bullish signals, similar to earlier this year. According to Svenson, Bitcoin is breaking out of a reversal bottom pattern and is above the Relative Strength Index (RSI) downtrend line on the daily chart, indicating a potential continuation to the upside.
Svenson points out that Bitcoin’s current price action closely resembles the period before the crypto asset surged to around $73,737 in mid-March. He suggests that Bitcoin is following a parabolic curve pattern and could potentially reach $90,000 as a target. However, he also speculates that Bitcoin may need to cool down before surpassing this level, possibly going through a sideways consolidation phase before making a further push upwards into a larger parabolic trend.
In technical analysis, a parabolic curve pattern consists of four stages or bases where the price consolidates before moving upwards. Svenson emphasizes that the $90,000 target is a textbook projection and that Bitcoin could potentially go even higher in this bull cycle, especially following the recent halving event.
To stay updated on the latest developments in the cryptocurrency Market, consider subscribing to receive email alerts from The Daily Hodl. Also, you can check the price action and follow The Daily Hodl on various social media platforms such as Twitter, Facebook, and Telegram. Remember, investments in Bitcoin and digital assets carry risks, so it’s essential to conduct thorough due diligence before making any high-risk decisions in the Market.
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1. What is Bitcoin mirroring the exact scenario that preceded its run to a record high?
– It means that Bitcoin is following a similar pattern to the one it followed before reaching its all-time high.
2. Who is Kevin Svenson and what are his targets for Bitcoin?
– Kevin Svenson is a crypto analyst, and he has predicted that Bitcoin could reach certain price targets based on its current behavior.
3. How accurate are Kevin Svenson’s predictions?
– Predictions in the crypto Market are never guaranteed, but Kevin Svenson has been known to make some accurate calls in the past.
4. What does it mean for Bitcoin to reach a record high?
– When Bitcoin reaches a record high, it means that its price has surpassed all previous highest values.
5. Should I invest in Bitcoin based on Kevin Svenson’s targets?
– It is always important to do your research and consider all factors before making investment decisions, including predictions from analysts like Kevin Svenson.
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
