Analyst Kevin Svenson is discussing the current state of Bitcoin (BTC) as the cryptocurrency has experienced an 11% correction over the past two weeks from its June high of around $72,000. Despite the dip in price, Svenson believes that ending the week above the parabolic curve trend line could lead to a potential price increase of around 42% from the current level.
According to Svenson’s chart analysis, Bitcoin needs to close the current week above $67,000 in order to see a significant price surge. He highlights that despite recent price fluctuations, Bitcoin is still in an uptrend with a series of higher lows, indicating that it is currently in a bull market. With Bitcoin trading at $64,102 at the time of writing, Svenson notes that the cryptocurrency is only about 13%-14% away from a new all-time high, further supporting the bullish case.
Svenson emphasizes the importance of looking at the chart objectively rather than letting personal opinions influence market analysis. He points out that Bitcoin is on track to potentially form another exponential higher low as part of a parabolic trend, reinforcing the notion that the cryptocurrency is still in a bull market.
In order to maintain the current trajectory and momentum, Svenson suggests that a significant price increase could push Bitcoin towards $90,000 in the near future. He highlights the potential for a weekly bullish engulfing candle to signal a bullish continuation, further supporting the case for a price surge in the coming weeks.
Overall, Svenson’s analysis paints a positive outlook for Bitcoin, with the potential for a significant price increase on the horizon. As the cryptocurrency market continues to evolve, it is important for investors to stay informed and monitor key technical indicators to make well-informed trading decisions. Subscribe to receive email alerts and stay up to date with the latest developments in the world of Bitcoin and cryptocurrency.
