Crypto strategist Kevin Svenson suggests that Bitcoin is preparing for its third parabolic rise this cycle. Svenson states that Bitcoin saw three parabolic phases during the bull market it experienced in 2017 and that its current price movement is similar to this situation. At that time, Bitcoin went through more than one parabolic phase, and these phases caused the price to constantly increase. He emphasizes that the necessary conditions have been created for Bitcoin to exhibit a similar parabolic movement by 2024.
The parabolic trend in 2017 started with a short-term phase and turned into a larger trend over time. Svenson said, “There were various phases of the parabolic trend in 2017; "After a short-term trend, there was a larger rise and eventually a big vertical run," he says. He states that we are now in a similar position as of 2024 and there is no reason why this will not happen again.
According to Svenson, all that is needed for Bitcoin to jump into a major uptrend is renewed optimism and momentum in the markets. Fluctuations and uncertainties in the Bitcoin market until 2024 may negatively affect investors. However, Svenson argues that Bitcoin may move into the third parabolic phase if there is renewed confidence and optimism in the markets.
In terms of technical indicators, the momentum appears to be turning in favor of Bitcoin bulls. The Relative Strength Index (RSI) is an important tool in assessing the strength of price movements. Svenson notes that the RSI indicator found support at the level where Bitcoin entered the second parabolic phase of the cycle; This could herald the third major parabolic run. It indicates that in the first part of the parabola at the beginning of 2023, the weekly RSI found support at the 45 level and bounced from there. This may indicate an expansion phase of the trend.
Additionally, the moving average convergence divergence (MACD) also shows that BTC bulls have regained control of the market. “The weekly MACD shows that bearish momentum is waning and bullish momentum is starting to increase,” Svenson said. “If so, reversals in the weekly MACD histogram are usually points where the price is gaining momentum,” he explains.
At the time of writing, Bitcoin is trading at $65,379, up nearly 10% in the last seven days. As a result, in line with Kevin Svenson's analysis, it is possible to say that Bitcoin is preparing to enter its third major parabolic rise in 2024. A renewed optimism and a new momentum in the market could enable Bitcoin to enter this major uptrend. Technical indicators also support this possibility. Investors can benefit from these opportunities by closely following Bitcoin's future movements.
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