This week on YouTube, cryptocurrency analyst Kevin Svenson shared insights on Bitcoin's (CRYPTO: BTC) trajectory, highlighting an impending phase of intense fluctuations.
Addressing his audience, Svenson pointed out that Bitcoin is currently navigating the fourth stage of a parabolic curve pattern that was initiated in November 2022.
This pattern, characterized by its staircase-like progression across four distinct levels, typically witnesses periods of significant price volatility at each stage before resuming its upward trend.
"Bitcoin is actually not finished with Base 4 (of the parabolic curve pattern). We don't have a confirmed top and the price action has not traded into the trend line just yet," he said.
Also Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours
"So that means that going into this Base 4 zone, there's likely going to be a lot of volatility. Bitcoin's price could see all kinds of swings‚ we could go to $80,000, come back to $55,000 bounce again, up above $70,000, pull back in the mid-$60,000s, run again. And this would all be within a parabolic trend," added Svenson.
The analyst predicted that Bitcoin could reach a target of $90,000 in this current pattern. However, whether this peak will signify the culmination of the bull market remains uncertain. Svenson suggested that, similar to the 2017 cycle, reaching such a milestone could potentially break the current parabolic trend, only to establish a broader one.
"Is that going to be the top of the run? Is that going to be the end of the bull market? Well, that's hard to say. It's not something that I would want to call out right now. It's more likely like 2017 that once you hit a price like that, you break the parabolic trend and then form a larger parabolic trend," he said.
At the time of writing, Bitcoin was trading at $67,974.61, down by a percent in the last seven days.
Now Read: As Dogecoin Jumps 18%, Founder Billy Markus Cracks Joke About Crypto Community: 'If You Take Offense To This ...'
Photo: Shutterstock