Cryptocurrency analyst and trader Kevin Svenson says Bitcoin (BTC) is in a “very strong bull market” and is gearing up to enter a phase marked by steep rallies.
In a new strategy session, Svenson tells his 83,700 YouTube subscribers that Bitcoin could appreciate by up to roughly 30% from the current level during the upcoming rally.
The trader makes the prediction based on the parabolic curve step-like formation, which suggests that BTC is in the blow-off top phase of the rally.
“Bitcoin’s weekly chart is about to enter the vertical stage of the parabolic trend. The classic parabolic diagram that we’ve been following for years on this channel is now playing out to the fullest extent. This next leg up may very well take us up towards about $140,000 to $150,000, according to the textbook diagram.”
According to Svenson, the rise in global liquidity (M2) could see the Bitcoin bull market running until the fourth quarter. Global M2 refers to the total amount of money sloshing in the world’s financial system.
“…Bitcoin and the M2, generally align to almost a stunning degree. When you offset the global liquidity index, they have very, very similar trends that you can’t even tell the difference between the two…
And if we look at this with the current trend for Bitcoin… you can see the M2 is showing that we’re likely to trend up very, very bullishly all the way into October, November.
[The] M2 global liquidity index says much more upside is coming all the way into October to November… You can see there is a substantial correction in the M2 global liquidity index showing in October going into November, which could be a major point. Maybe a top or a correction could take place there.”
Bitcoin is trading at $116,600 at time of writing.
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