Bitcoin Analyst Predicts 2017-Style Parabolic Rally Amid Major Trend Shift
A prominent analyst in the crypto space suggests that Bitcoin (BTC) is on the brink of experiencing its third parabolic surge in this particular cycle. Kevin Svenson, an analyst with a significant following on YouTube, shared in a recent video update that Bitcoin seems to be replicating its price behavior from 2017, a period during which BTC went through three distinct parabolic phases before the conclusion of its bullish run.
“In 2017, there were several instances of the parabolic trend, where you observe a shorter-term parabolic trend transitioning into a larger one, and then repeating the process – evolving into a more extensive trend. Eventually, there was a significant vertical surge towards the end. Currently, in 2024, we find ourselves in a similar scenario. There’s no reason why history couldn’t repeat itself. All that’s required is a fresh wave of positivity and regaining momentum,” Svenson explained.
Svenson pointed out that various technical indicators are indicating a shift in momentum favoring Bitcoin bulls. By examining Bitcoin’s relative strength index (RSI), a momentum gauge, Svenson highlighted that the indicator discovered support at a key level when Bitcoin initiated the second parabolic phase in this cycle.
“At the start of 2023, during the initial phase of the parabola with a subsequent breakdown, we found support around the 45 level on the weekly RSI, and we are now rebounding from that level once more. This could signify an expansion zone within the trend,” Svenson added.
Moreover, Svenson emphasized that Bitcoin’s moving average convergence divergence (MACD), a trend indicator, is indicating a resurgence in bullish control over the market. “The weekly MACD is currently displaying a decline in bearish momentum and a rise in bullish momentum. Typically, when we witness these weekly MACD histogram reversals, it often signals a rapid acceleration in price,” Svenson elaborated.
As of the latest data, Bitcoin is trading at $65,469, reflecting a 15% increase over the past week. The analyst’s insights and observations point towards a potentially exciting period ahead for Bitcoin enthusiasts and investors alike.