Crypto analyst Kevin Svenson predicts the future path of Bitcoin (BTC) over the coming weeks and months.
In a new video, Svensson told his 73,700 YouTube subscribers that higher levels of volatility would occur if Bitcoin surged nearly 40% from current levels.
According to Svensson, volatility levels will increase once Bitcoin confirms the fourth stage of the parabolic pattern on the weekly chart.
In technical analysis, a parabolic pattern has four stages, with the fourth stage being the launching pad for a breakout to higher levels, usually known as the “sell point” or the area where a major correction begins.
Svensson says.
“What we saw here was a touch to base 4. If we actually hit another high, that confirms it to be base 4. Until we break out again for the next leg. , you can't check base 4…
This means that Bitcoin is currently looking for a final extension to the sell point where the chart is essentially completely vertical. It's completely vertical to the quartal system, and according to the textbook it's $90,000…
I explained in great detail what I think will happen after I hit $90,000.If Bitcoin falls this sharply [from the all-time high of over $73,000 to under $63,000 earlier this month] The reason we are scared and unprepared for what happens next is because we expect even bigger changes. ”
As for what to expect if volatility levels reach the scale experienced in 2017, Svensson said:
“Then, when you get to $90,000, it's a 40% drop from the classic $90,000 in 2017, a punch up to $90,000, maybe a pullback into the $50,000 range, stabilization, and a rise back into six digits. And the classic breakdown of 2017 will occur. If the parabolic trend becomes an even bigger trend, your portfolio will be cut in half at that moment. ”
At the time of writing, Bitcoin is trading at $63,987.
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