Popular crypto traders believe that the recent correction has allowed Bitcoin (BTC) to solidify the final foundation of its multi-month parabolic rally.
Analyst Kevin Svenson told his 144,300 followers on social media platform X that Bitcoin may have just completed the bottom four of its parabolic pattern.
The cryptocurrency strategist has shared a chart showing that Bitcoin is currently poised to rise to the pattern's target price of $90,000.
“Bitcoin | Parabolic Trend
We are now entering the stage where the parabola becomes clear.
I've been shouting from the rooftops about this possibility for the past year. I'm here. It's real. ”
Svensson's stance on Bitcoin comes as he stated that two momentum indicators have turned bullish for BTC. According to the analyst, Bitcoin's Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators on the daily chart are swinging in favor of BTC bulls.
“Bitcoin | Daily chart | MACD + RSI
BTC's MACD is now positive for the first time in over 50 days.
BTC has broken above the 65-day RSI downtrend.
Things are definitely changing here. ”
Svensson takes his bullish outlook for BTC one step further, saying Bitcoin's bull market won't end even if the crypto tycoon reaches $90,000.
“People jump to the conclusion that this is my bullish cycle prediction. They assume $90,000 is my cycle peak target. That’s not the case…
We expect a significant correction after $90,000, but we are still in the early stages of this cycle. BTC halving just happened. There will be more action after this. ”
At the time of this writing, Bitcoin is trading at $63,711.
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