Popular crypto analyst and trader Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) over the coming weeks.
Svenson tells his 71,000 YouTube subscribers that Bitcoin could go parabolic if it repeats a similar pattern seen months before the last halvening.
According to the popular crypto analyst and trader, Bitcoin could surge by over 65% from the current level.
“Bitcoin is now creating a higher low right along our parabolic curve which could create the next major impulse up towards $48,000…
That means that Bitcoin in theory has another 65% from here to the next target of $48,000. That is a 65% move, that is a tremendous opportunity if it does in fact play out…”
Bitcoin is trading at $28,654 at time of writing.
According to Svenson, altcoins could start rallying if and after Bitcoin has broken out to just under $50,000, in line with Bitcoin’s behavior months before the previous halvening. Bitcoin’s next halvening is scheduled for early 2024.
“If Bitcoin dominance does break out on this next run, if we run towards $48,000, this is where I think the altcoins will begin to see major moves after that run. And this is the same thing that occurred in 2019…
What I’m looking for here is for Bitcoin dominance to see one final blow-off top before getting some sort of trend down and then alt season could begin at that point.”
On when altcoins could start rallying, Svenson says,
“Somewhere in June, July is when getting into the altcoin market may be the best option. Or even sooner if you want to front run that whole idea.”
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