It has been just revealed the fact that Bitcoin will see a huge price move soon. Check out the latest reports about the interesting price fluctuations that we are about to see below.
Bitcoin price boom
According to a renowned crypto strategist and trader, Bitcoin (BTC) is currently experiencing the early stages of a parabolic surge.
Kevin Svenson, a crypto analyst with a following of 130,100 on the social media platform X, has explained that Bitcoin usually undergoes a parabolic surge during its pre-halving year.
The halving is scheduled for April 2024 and is traditionally viewed as a bullish catalyst since it cuts BTC miners’ rewards in half.
Svenson made sure to post a chart showing Bitcoin climbing to as high as $60,000 a month before the next halving event.
“The infamous parabola is coming.
It’s already forming as we speak.
Will the future look exactly like this?
– No.
Do parabolas form during every [pre-halving]?
– Yes.”
While Svenson is bullish on Bitcoin, he says that BTC will likely undergo several corrective moves on its way to $60,000.
“I am highly bullish on Bitcoin. A massive bullish parabola is forming.
Bitcoin’s rise isn’t a straight line upwards, and many investors are very optimistic about its future. However, there may be some sudden drops that take out those who bought in late.
Analyst Svenson has outlined two possible bullish scenarios for BTC in the short term.
Scenario one: Bitcoin could continue to rise until it reaches channel resistance at $36,850.
Scenario two: Bitcoin might not be able to maintain its point of control and could experience a sharp price drop to fill the volume gap at $31,500, before it resumes its upward trend.
Both of these scenarios are considered positive for the crypto. Make sure to stay tuned for more details from the crypto space and keep your eyes on the market.
