Parabolic Bitcoin Rally Still in Play as BTC Sends Bullish Signal, Crypto Analyst Says

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A closely-watched crypto strategist says he thinks Bitcoin (BTC) is bracing for a parabolic surge as the king of crypto posts a bullish reading on the daily chart.

In a new YouTube video, analyst Kevin Svenson tells his 71,000 subscribers that Bitcoin’s Moving Average Convergence Divergence (MACD) indicator just crossed on the daily chart.

The MACD is a momentum indicator that traders use to monitor possible trend reversals.

According to Svenson, Bitcoin rallied strongly the last two times the MACD posted a bullish cross on the daily chart.

These daily MACD crossovers can sometimes be just the start of a much bigger move. We saw it earlier in March with a 45% pump right after our daily MACD cross, and earlier this year when we crossed it. We went from around $16,000 to over $20,000, $23,000 and $24,000.

So these daily MACD crossovers have resulted in some pretty big moves this year.

Source: Kevin Svenson/YouTube

As for his target for a potential Bitcoin surge, Svenson says he is looking at the potential parabolic Bitcoins setup. According to the analyst, Bitcoin follows the parabolic curve cheat sheet to a T.

We are now finalizing base three. We had base one, we had base two, and now we were base three. And base three comes to an end here, right at the edge of the parabolic curve.

We have to bounce here in order to maintain a parabolic curve

What this chart suggests is that the next move would actually net us over $48,000.

Source: Kevin Svenson/YouTube

At the time of writing, Bitcoin is trading for $28,005.

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