Analyst Kevin Svenson is forecasting the path ahead for Bitcoin (BTC) in the coming weeks and months.
In a recent video, Svenson told his 73,700 YouTube subscribers that higher volatility is on the horizon as Bitcoin is likely to rise nearly 40% from current levels.
According to Svenson, once Bitcoin confirms entering the fourth phase of a parabolic curve pattern on the weekly chart, volatility will increase.
In technical analysis, the parabolic curve pattern has four phases with the fourth phase becoming the launching pad for a breakout to higher levels often referred to as the “selling point” or the area where a strong correction begins.
“Bitcoin is now looking for final extension as it enters its fourth phase, with a target of $90,000… If Bitcoin's decline from current ATH above $73,000 to below $63,000 scares users, then they are not ready for what is about to happen because the fluctuations will be much greater."
According to analysts, the market is likely to repeat strong fluctuations similar to 2017.
“BTC could hit $90,000 followed by a 40% drop similar to 2017, to around $50,000. Next is the consolidation phase, increasing back to the 6-digit level."
Meanwhile, Cathie Wood, CEO and CIO of ARK Invest, has predicted that the price of Bitcoin, the largest cryptocurrency, could rise to $3.8 million.
Wood has repeatedly stated that the price of Bitcoin could rise to $1.5 million. Last July, her confidence grew amid the regional banking crisis in the US.
Speaking about his latest prediction, Wood said that such sky-high prices would be achievable if institutional investors allocated at least 5% of their portfolios to the largest cryptocurrency. . No specific timeline was given, but Wood believes it will eventually happen
