Kevin Svenson, a popular crypto analyst and trader has shared his bullish expectations for Bitcoin (BTC) in the coming weeks. The widely followed YouTuber communicated his belief in a recent video posted on Thursday.
In the video, Svenson stated that Bitcoin could go parabolic if it mirrors a similar pattern seen months before the last halving event which took place in May 2020. At the time, the price of Bitcoin increased by a huge margin after the halving.
According to the analyst, Bitcoin (BTC) could soar by over 65% from the current level of $28,654 at the time of the analysis. Such a meteoric rise would take the price of the largest cryptocurrency by market cap to the $48,000 zone, Svenson surmised.
In his words,
“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.”
Speaking on when altcoins could begin to rally, he predicted June or July as the best time to long them or take profits, adding that a decrease in Bitcoin dominance and BTC price reaching $48,000 is a prerequisite for alts to rise significantly in the market.
He said, “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.”
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