Bitcoin Could Hit $90,000 Soon, Says Analyst Kevin Svenson
Cryptocurrency analyst Kevin Svenson believes Bitcoin (BTC) might soon witness a dramatic upswing. Even though Bitcoin’s value has dropped by around 11% over the past two weeks, Svenson outlines a scenario where it could soar by 42% from its current level.
Recent Bitcoin Performance and Potential Surge
In a recent YouTube video, Svenson suggests that the price dip doesn’t spell disaster. Instead, he argues, if Bitcoin ends the week above its parabolic curve trend line, the flagship cryptocurrency might see a significant jump.
“If we experienced a significant pump and the current weekly candle closed as a bullish engulfing candle, then all would be looking promising. We could realistically see Bitcoin reaching $90,000 sooner rather than later, maintaining its trajectory and momentum,” Svenson explained.
For this to happen, Bitcoin needs to end the current week above $67,000, according to Svenson’s analysis.
Bull Market or Bear Market?
Several people might be wondering if Bitcoin is in a bull market or a bear market, especially after several weeks of downward price action. Svenson clarifies this by focusing solely on the charts.
“If you put your opinion aside for a moment and you just look at the chart, what do we see? We see a series of higher lows. This is an uptrend; this is a bull market by definition,” Svenson noted.
He went on to say, “Bitcoin is right near the all-time high, only about 13%-14% away from setting a new record. This indicates a bull market, and Bitcoin is well-positioned to make another exponential higher low, which would align with the parabolic trend.”
Currently, Bitcoin is trading at $64,102, showing a decrease of over 1% in the past 24 hours.
Final Thoughts
While Svenson's optimistic view may give hope to many investors, it's important to remember that:
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Always be aware that your trades and investments are at your own risk, and you are responsible for any losses. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is it an investment advisor.
