A closely followed crypto strategist says he believes Bitcoin (BTC) is gearing up for a parabolic surge as the crypto king flashes 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 watch possible trend reversals.
According to Svenson, Bitcoin rallied hard the last two times the MACD flashed a bullish cross on the daily chart.
“These daily MACD crossovers can sometimes be just the beginning of a much larger move. We saw this earlier in March with a 45% pump coming right after our daily MACD cross-up, and earlier this year when we crossed up. We went from about $16,000 to over $20,000, $23,000, and $24,000.
So these daily MACD crossovers have yielded some pretty big moves this year.”
As for his target for a potential Bitcoin surge, Svenson says that he’s looking at Bitcoin’s potential parabolic setup. According to the analyst, Bitcoin is following the parabolic curve cheat sheet “to a T.”
“We are now finalizing base three. We’ve had base one, we’ve had base two, and now we’re in base three. And base three is nearing completion here right on the edge of the parabolic curve.
We do have to bounce here in order to maintain a parabolic curve…
What this diagram is suggesting is that the next move would actually land us upwards of $48,000.”
At time of writing, Bitcoin is trading for $28,005.
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