Bitcoin Aims To Explode 65% Before Triggering Altcoin Season, Top Analyst Predicts – Here’s The Timeline
Popular crypto analyst and trader Kevin Svenson expresses bullish sentiment on Bitcoin (BTC) in 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 halving.
According to the popular cryptoanalyst and trader, Bitcoin could rise by over 65% from today’s level.
“Bitcoin is now creating a higher low right along our parabolic curve that could create the next big impulse towards $48,000…
That means Bitcoin theoretically has another 65% from here to the next target of $48,000. That’s a 65% move, it’s a huge opportunity if it actually plays out…”
Bitcoin is trading at $28,654 at the time of writing.
According to Svenson, altcoins could start to rally if and after Bitcoin breaks out to just under $50,000, in line with Bitcoin’s behavior months before the previous halving. Bitcoin’s next halving is scheduled for early 2024.
“If the Bitcoin dominance breaks out on this next run, if we run towards $48,000, this is where I think altcoins will start to see big moves after that run. And this is the same thing that happened in 2019…
What I’m looking for here is for the Bitcoin dominance to see one last blowout peak before you get some kind of trend down, and then the alt season can begin at that point.”
On when altcoins could start to rally, says Svenson,
“Somewhere in June is July when getting into the altcoin market might be your best bet. Or even sooner if you want to get ahead of the whole idea.”
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