Bitcoin (BTC) analyst Kevin Svenson predicts the direction of Bitcoin’s development after the leading cryptocurrency has dropped by around 11% from its peak in June, when it reached around $72,000.
In his recent video clip, he explains that despite the decline, Bitcoin could see a significant price increase of around 42% if it ends the week above the trend line of the parabolic curve.
“If we experience an unexpected spike and the current weekly candle turns into a bullish engulfing candle, we may see a serious increase,” Svenson claims. “It is possible to reach $90,000 earlier than expected, maintaining its momentum.”
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Heading into the ongoing debate of whether Bitcoin is in a bull or bear market, Svenson advises viewers to focus on the chart:
“Setting aside opinions and just looking at the chart, we observe a series of higher lows. This indicates an upward trend and by definition – a bull market.”
He points out that Bitcoin is close to its historical peak, being only about 13-14% away from setting a new all-time high. This proximity to the historical peak and the consecutive higher lows indicate that the leading cryptocurrency remains in a bull trend.
At the time of writing this article, Bitcoin is valued at $64,256, reflecting a slight increase of about 1% in the last day. Despite this minor decline, Svenson remains optimistic about the potential for BTC to reach new heights, assuming that current trends indicate a bull market.
