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Experienced cryptocurrency analyst and trader Kevin Svenson recently argued that the latest correction has solidified the final dip region of Bitcoin‘s (BTC) several months of parabolic rise. The analyst believes that the crypto king is ready to rise to $90,000.
Bitcoin May Have Completed Its Fourth Dip Formation
Svenson told his followers from his personal X account that Bitcoin might have completed the fourth dip formation of its parabolic curve model. He shared a chart indicating that Bitcoin is now ready to rise to the formation’s price target of $90,000, stating, “We have now entered the stage where the parabola becomes apparent. I have been shouting about this potential all last year. Here we are. This is real.”
Svenson’s stance on Bitcoin emerged as he noted that two momentum indicators have turned bullish for BTC. According to the analyst, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators on the daily time frame chart of the largest cryptocurrency have shifted in favor of Bitcoin bulls.
While commenting on the latest status of the indicators, the analyst said, “BTC is seeing its first positive MACD in over 50+ days. BTC’s RSI for over 65+ days has risen above the downtrend. The scenario is definitely changing here.”
Does Not Expect the Rise to Stop at $90,000
Svenson took his expectation for Bitcoin’s target price further, stating that the bull market for the largest cryptocurrency will not end when it reaches $90,000. The analyst said, “People assume this is my bull cycle prediction. They assume $90,000 is the peak target of my cycle. This is not the case. I expect a major correction after $90,000 but we are still very early in this cycle. The block reward halving of BTC has just occurred. There will be much more movement to come.”
At the time this article was prepared, Bitcoin was trading at $64,177, down 1.38% in the last 24 hours.
