A closely followed crypto strategist thinks that Bitcoin (BTC) is primed to launch the final steep rally of its parabolic trend.

In a new video update, analyst Kevin Svenson tells his 142,100 followers on the social media platform X that Bitcoin is about to ignite the last leg of its parabolic rally that could see prices close to $100,000.

“Bitcoin may be ready to play out the final vertical point on the parabolic trend, which is a big, big move. Bitcoin is currently sitting in base four. Once we break a new high that confirms base four, we could be headed up toward $90,000. This is a big move – $66,000 to $90,000 – that’s a big move, despite what it looks like on the weekly chart.

And there are indicators to suggest that we may be seeing this happen in the next month or two, and that is the weekly MACD (moving average convergence divergence). Holding the neutral zone is important in a momentum-based trend.”

The MACD is a technical indicator that gauges the momentum of a trend. According to Svenson, Bitcoin appears to be repeating the same pattern witnessed in 2017 when the crypto king sparked big rallies after holding the MACD neutral zone.

“Look at 2017. In 2017 when we went from just hundreds of dollars all the way up to $20,000, we held the MACD neutral zone on every pullback. And that marked the low with the next major parabolic advance – a huge move up for Bitcoin each time. 

Right now, pretty clear, Bitcoin is playing out a similar pattern, a continuation pattern: hold the neutral zone [and then] parabolic advance… That’s going to give us our next vertical push toward the sell point, according to the textbook. 

Is the sell point the end of the Bitcoin cycle? No. It is the end of the trend with a consolidation and a continuation up later.” 

At time of writing, Bitcoin is worth $66,557.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin price climbed above the $66,000 resistance zone and started consolidation. BTC is now eyeing the next move above the $67,200 resistance zone.

• Bitcoin is eyeing a decent increase above the $67,200 resistance zone.
• The price is trading above $65,500 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $67,200 resistance zone.

Bitcoin Price Eyes More Upsides

Bitcoin price started a fresh increase above the $65,500 and $66,000 resistance levels. BTC even climbed above the $67,000 level. It traded as high as $67,200 and is currently consolidating gains.

There was a minor decline below the $66,500 level, but the price remained stable above the 23.6% Fib retracement level of the upward move from the $64,280 swing low to the $67,200 low. Bitcoin price is still trading above $65,500 and the 100 hourly Simple moving average.

There is also a connecting bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $64,280 swing low to the $67,200 low.

Immediate resistance is near the $67,000 level. The first major resistance could be $67,200. A clear move above the $67,200 resistance might send the price higher. The next resistance now sits at $68,500. If there is a clear move above the $68,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000.

Source: BTCUSD on TradingView.com

The next major resistance is near the $70,500 zone. Any more gains might send Bitcoin toward the $72,000 resistance zone in the near term.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $67,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $66,200 level.

The first major support is $66,000 or the trend line. If there is a close below $66,000, the price could start to drop toward $65,400. Any more losses might send the price toward the $64,200 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $66,200, followed by $66,000.

Major Resistance Levels – $67,000, $67,200, and $68,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

A popular crypto analyst says technical indicators are suggesting that the altcoin market is gearing up for a massive breakout.

Pseudonymous analyst TechDev tells his 446,400 followers on the social media platform X that the altcoin market cap structure may be repeating a historic bullish pattern.

“Altcoin accumulation. The most vertical leg since 2021 appears on deck.”

Looking at his charts, the analyst suggests that the crypto market cap, excluding the top 10 digital assets, is repeating a pattern seen during the 2016 and 2021 market cycles when it broke out, retraced and then surged to a new top.

The analyst also suggests that the altcoin market cap’s logarithmic moving average divergence (LMACD) indicator is flashing a breakout trend. The LMACD indicator is designed to reveal changes in an asset’s trend, strength and momentum.

Says TechDev,

“Altcoins are ready. The market is not.”

Next up, the analyst also says that Bitcoin (BTC) appears on the two-month chart to be halfway through its current cycle based on historic precedence and the Bollinger bands, a price volatility gauge. The upper and lower bands widen when volatility declines while the bands contract when volatility is about to explode.

Says TechDev,

“BTC: looks about halfway there.”

Bitcoin is trading for $67,059 at time of writing, up nearly 3.6% in the last 24 hours.

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