Analyst Kevin Svenson is outlining a path forward for Bitcoin (BTC) amid the flagship cryptocurrency correcting by around 11% over the past two weeks from the June high of around $72,000.
In a new video, Svenson tells his 78,400 YouTube subscribers that even though the price of Bitcoin has dipped, ending the week above the parabolic curve trend line could trigger a price increase of around 42% from the current level.
“If we had some miraculous pump and it [the current weekly candle] became a weekly bullish engulfing candle, well then we would be looking pretty good right there. We would probably end up punching up to $90,000 sooner rather than later, maintaining our trajectory, our momentum.”
Looking at the trader’s chart, it appears that BTC needs to end the current week above $67,000.
On whether Bitcoin is in a bull or bear market in the midst of mostly downward price action in the last few weeks, Svenson says,
“If you put your opinion aside for a moment and you just look at the chart, just look at the chart and the chart only, what do we see? What we see is a series of higher lows. This is an uptrend, this is a bull market by definition.
Bitcoin is right near the all-time high. Bitcoin is about 13%-14% away from a new all-time high. This is a bull market guys and Bitcoin is still in a position to put in another exponential higher low which would be part of a parabolic trend.”
Bitcoin is trading at $64,102 at time of writing, down more than 1% in the past day.
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Generated Image: Midjourney