Bitcoin (BTC) appears to be heading for its third parabolic rally this market cycle, according to a leading cryptocurrency strategist. The analyst points out that Bitcoin has similarities with price movements in 2017; At that time, cryptocurrency experienced three different parabolic phases before reaching its bull market peak.

“We saw multiple parabolic trends in 2017, which eventually led to a massive vertical rally,” the analyst said in his latest YouTube video. “We may witness a similar situation in 2024.”

Bitcoin Shows Bullish Movement Again

According to recent technical analysis, Bitcoin's current price movements are similar to the 2017 period and carry significant upside potential. Strategists like Kevin Svenson emphasize that current optimism and regained momentum could push BTC into its third parabolic phase. Svenson states that technical indicators are converging positively for Bitcoin. The RSI (Relative Strength Index) level is at a similar support point as it was at the beginning of the second parabolic phase earlier this year.

“At the beginning of 2023, BTC's weekly RSI found support around 45, coinciding with the beginning of its first parabolic breakout,” says Svenson. “We may be entering another phase of expansion right now.”

The Moving Average Convergence Divergence (MACD) indicator also supports the positive outlook. Svenson states that the weekly MACD shows a decrease in bearish momentum and an increase in bullish momentum. Historically, such conditions have often been observed before significant price increases.

There also seems to be a positive shift in overall market sentiment. Renewed investor optimism and increased trading volumes are among the critical factors that could push Bitcoin to new highs. Analysts recommend watching key resistance and support levels carefully; Breaking these levels could confirm the beginning of a parabolic trend.

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