Crypto Trader Highly Bullish on Bitcoin, Says Massive BTC Parabola Is Forming – But There’s a Catch

A closely followed crypto strategist and trader believes that Bitcoin (BTC) is in the early stages of a parabolic surge.

Crypto analyst Kevin Svenson tells his 130,100 followers on the social media platform X that Bitcoin tends to go on a parabolic surge during its pre-halving year.

The halving, which is slated for April 2024, is traditionally seen as a bullish catalyst as it slashes BTC miners’ rewards in half.

Svenson shares 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.

BUT it is not a straight line up. Everyone is bullish as hell. Don’t be surprised if we see quick dumps to wipe out late longs along the way.”

Source: Kevin Svenson/X

Looking at the possible short-term moves of Bitcoin, Svenson lays out two bullish scenarios for BTC.

“Scenario one:
Continuation up to channel resistance $36,850.

Scenario two:
Fail to hold the point of control and fill the volume gap at $31,500 before running higher/continuing uptrend.

Both are bullish scenarios.”

Source: Kevin Svenson/X

At time of writing, Bitcoin is worth $35,403.

Generated Image: DALLE3

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