Bitcoin To Hit $90,000 ‘Sooner Rather Than Later’ if This Happens, Says Crypto Analyst Kevin Svenson

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.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price ActionFollow us on X, Facebook and TelegramSurf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Bitcoin To Hit $90,000 ‘Sooner Rather Than Later’ if This Happens, Says Crypto Analyst Kevin Svenson appeared first on The Daily Hodl.