Bitcoin Analyst Kevin Svenson is presenting a potential roadmap for Bitcoin (BTC) as the leading cryptocurrency experiences a correction of approximately 11% in the past two weeks since reaching its peak of around $72,000 in June.
In a recent video, Svenson addresses his 78,400 YouTube followers, stating that despite the dip in Bitcoin’s price, if the weekly candle ends above the parabolic curve trend line, it could trigger a price surge of approximately 42% from its current level.
Svenson explains, “If we witness a remarkable pump and the current weekly candle becomes a bullish engulfing candle, we would be in a favorable position. In that case, we could potentially reach $90,000 sooner rather than later, maintaining our trajectory and momentum.”
Analyzing the trader’s chart, it appears that BTC needs to close the current week above $67,000.
Regarding whether Bitcoin is in a bull or bear market amidst the recent downward price movement, Svenson suggests looking solely at the chart. He emphasizes that the chart reveals a pattern of higher lows, indicating an uptrend and a bull market by definition. Moreover, Bitcoin is currently near its all-time high and only about 13%-14% away from reaching a new record. Svenson believes that Bitcoin still has the potential to establish another exponential higher low, which would be part of a parabolic trend.
At the time of writing, Bitcoin is trading at $64,102, experiencing a decrease of over 1% in the past 24 hours.
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