Bitcoin’s recent correction has been viewed by a popular crypto trader as a crucial step in solidifying its upward trajectory. Analyst Kevin Svenson, who has a large following on social media, suggests that Bitcoin has completed the fourth base of its parabolic curve pattern. According to Svenson, this positions Bitcoin for a potential rally to reach its price target of $90,000. He emphasizes that this is a significant moment, as he has been highlighting this possibility for the past year. Svenson’s optimism is reinforced by the bullish signals from Bitcoin’s moving average convergence divergence (MACD) and relative strength index (RSI) indicators on the daily chart, which have shifted in favor of the bulls. However, Svenson believes that the bull market for Bitcoin will not end at $90,000. While he anticipates a major correction after reaching that milestone, he emphasizes that we are still in the early stages of this cycle, with the recent BTC halving suggesting more action to come. As of now, Bitcoin is trading at $63,711.
