Cryptocurrency analyst Kevin Svenson expresses a bullish outlook on Bitcoin (BTC) as the leading digital asset approaches its all-time high reached earlier this week. In a recent video, Svenson, who has 82,200 subscribers on YouTube, asserts that Bitcoin is following a parabolic trend and has further potential for growth before a correction takes place.

Svenson believes that the parabolic trend is becoming increasingly vertical on larger time scales. However, he maintains that the trend is currently favorable and predicts that Bitcoin will continue to rise for an extended period of time. According to Svenson, Bitcoin is expected to experience a significant increase in value within the parabolic trend, ranging between 19% and 34% from its current level. This increase is projected to occur before the trend completes, which began in early 2023.

The next major selling point within this parabolic trend is anticipated to be between $124,000 and $140,000, according to Svenson. He suggests that a significant correction and a breakdown of the parabolic trend will likely follow this price level.

Svenson also notes that Bitcoin’s bull run may come to an end in the fourth quarter of this year if its price action follows patterns observed in previous four-year cycles. Based on his models, Svenson explains that the 40th week after the halving, which falls within the upcoming week, is typically a period of heightened bullishness in the crypto market. This bullish sentiment is predicted to last for an additional 40 weeks. Subsequently, the bear market tends to begin around 80 weeks after the halving, which would be in October 2025.

At the time of writing, Bitcoin is trading at $104,260.

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Generated Image: Midjourney.