Kevin Svenson is a well-known crypto analyst who has said that Bitcoin (BTC), could be at the cusp of a massive surge. Svenson claims that the top cryptocurrency shows bullish signs in the daily chart. This indicates a possible upward trend.
Svenson, in a recent video on YouTube, pointed out to 71,000 of his subscribers that Bitcoin’s moving average convergence divergence indicator (MACD) had just crossed the daily chart. The MACD indicator is used by traders as a way to detect potential trend reversals.
Svenson pointed out that Bitcoin rallied significantly the last two occasions the MACD crossed bullishly on the daily chart. He said, “These daily MACD crosses can sometimes just be the beginning of a larger move.”
Svenson’s target for a possible Bitcoin surge was based on Bitcoin’s parabolic setup. He said that Bitcoin closely follows the parabolic curvature cheat sheet. He said, “We’re now finishing base three.” Base three is the third base. We have already had base one and base two. Base three is almost complete here, right at the edge of the parabola curve.
Analysts also suggested that Bitcoin could reach $48,000 if it maintains its parabolic shape. Svenson’s report was written when Bitcoin was trading around $28,000.
Svenson’s predictions add to the ongoing discussion about Bitcoin’s possible trajectory. Such insights are valuable for both investors and enthusiasts as the cryptocurrency market continues its evolution.
