Cryptocurrency analyst Kevin Svenson is leaning bullish on Bitcoin (BTC) as the flagship digital asset hovers slightly below the all-time high reached earlier this week.
In a new video, Svenson tells his 82,200 YouTube subscribers that Bitcoin is in a parabolic trend and has more upside potential before a correction can occur.
“So this parabolic trend is starting to go vertical on the larger time scales… but for now the trend is our friend. And I believe we are going higher for longer, Bitcoin has another major leg up on this parabola.”
According to Svenson, Bitcoin could go up by between 19% and 34% from the current level before completing the parabolic trend that started in early 2023.
“The next sell [point]… for this parabola comes in above where we are somewhere in between $124,000 – $140,000 before a major correction, a breakdown of the parabolic trend.”
According to Svenson, Bitcoin’s bull run could end in the fourth quarter of this year if BTC’s price action plays out like in other four-year cycles.
“According to my models, the 40th week after the halving which is really this upcoming week or this week… that is usually the area where the markets the crypto market gets most bullish. And it lasts for a total of 40 more weeks. So 80 weeks after the halving is where the bear market [in] almost every single cycle begins… 80 weeks after the halving which is October of 2025.”
Bitcoin is trading at $104,260 at time of writing.
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