Analyst and trader Kevin Svenson is saying that Bitcoin (BTC) is flashing a bullish signal amid the flagship crypto asset’s double-digit bump over the past month.
In a new video, Svenson tells his 78,400 YouTube subscribers that Bitcoin is on a parabolic trend and is close to a “point of going vertical.”
“Bitcoin is near what is called a Blue Sky Breakout. A Blue Sky Breakout is when an asset breaks above all previous historic price action and experiences what’s called price discovery. So a Blue Sky Breakout is likely what’s coming up very, very soon.”
According to Svenson, Bitcoin is in a parabolic trend and could go up by around 26% from the current level.
“We are following this exponential rise in price, an accelerating trend… the target is $90,000. In mathematics, a parabola can only be so steep before it turns backward. So you have to understand that we are going to break it at some point. But I think we have a lot higher prices to see before that happens. Going from $70,000 to $90,000 is no joke. That is a huge gain for all the top players out there.”
Svenson says that if history repeats itself, Bitcoin could hit the $90,000 price in about two months.
“So if we were to get the vertical push and reach $90,000 by about August or so September is the worst month of the year on record for Bitcoin and the stock market going back in time, of all of history.
And so if we are going to follow some level of seasonality, well that’s perfect timing here… going vertical into August and then seeing a major pullback in September followed by an October bounce, which is also quite common, a sideways consolidation and a push into the New Year.
So this parabolic trend prediction of $90,000 is not a cycle peak target – it is simply a trend target. The current trend on the weekly and I think that this cycle is going to be continuing to expand into 2025.”
Bitcoin is trading at $71,200 at time of writing, up by around 12% over the past 30 days.
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