Bitcoin (BTC), the largest cryptocurrency, experienced an 11% correction in the past two weeks, falling from around $72,000 in June to about $63,000. Despite this downturn, crypto analyst Kevin Svenson has outlined conditions that could trigger substantial price increases for Bitcoin.
Key Milestone: $67,000 Weekly Close?
In a recent YouTube video, Svenson shared with his followers that Bitcoin has the potential to surge to $90,000 if it closes the current week above the parabolic curve trend line, which stands at $67,000. Such a close could spark a significant rally, according to the analyst.
Svenson explained that a “miraculous rally” generating a weekly bullish engulfing candle could propel Bitcoin’s price by approximately 42% from its current standing. This move would help maintain the cryptocurrency’s trajectory and momentum, potentially driving it to $90,000 in the near future.
Is Bitcoin in a Bull Market?
Svenson also addressed the ongoing debate about whether Bitcoin is currently in a bull or bear market. He urged observers to rely on the chart rather than opinions, noting a series of rising lows indicative of an upward trend. According to him, this pattern, despite recent price drops, signifies a bull market by definition.
Critical Insights for Traders
Valuable Inferences:
- A weekly close above $67,000 is crucial for Bitcoin’s bullish momentum.
- The formation of a bullish engulfing candle could result in a 42% price surge.
- Bitcoin’s proximity to its all-time high suggests continued bullish potential.
Currently, Bitcoin is trading at $64,102, showing a slight drop of just over 1% in the last 24 hours. Despite this minor decline, Svenson remains highly optimistic about Bitcoin’s outlook, contingent on its ability to close the week above the critical $67,000 threshold.