The largest cryptocurrency Bitcoin (BTC) faced an approximately 11% correction in the past two weeks, dropping from its June peak of around $72,000 to about $63,000. Despite this short-term shakeup, crypto analyst Kevin Svenson has presented a recipe that could bring significant price increases for Bitcoin.
If It Closes the Week Above $67,000, It Could Rise to $90,000
Sharing his views with his YouTube subscribers, Svenson believes that Bitcoin could soon reach $90,000 under certain conditions despite the recent drop. The analyst noted that if Bitcoin can end the current week above the parabolic curve trend line, it has the potential to trigger a significant price increase.
He suggested that a “miraculous rally” resulting in a weekly bullish engulfing candle could raise the price of the largest cryptocurrency by approximately 42% from its current level. Such a move could allow Bitcoin to maintain its current trajectory and momentum, potentially reaching $90,000 in the near future.
Svenson’s analysis of Bitcoin’s price chart shows that the largest cryptocurrency needs to close the current week above $67,000 to initiate this bullish scenario. For those unaware, the weekly candle close for Bitcoin will come on June 24 at 02:59 Turkish time. According to the analyst, this level is of great importance for maintaining upward momentum and laying the groundwork for a significant price rally.
Ends Debate on Bull Market vs. Bear Market
Addressing the ongoing debate on whether Bitcoin is in a bull market or a bear market, Svenson invited observers to focus on the chart rather than opinions. He pointed out a series of rising lows seen on the chart, which he interpreted as indicators of an upward trend. According to the analyst, this formation, despite recent downward price movements, by definition, indicates a bull market.
Svenson emphasized that Bitcoin is close to its all-time high and is only about 13% – 14% away from setting a new record. This proximity to the all-time high supports the view that Bitcoin is still in a bull market and is positioned to strengthen the parabolic trend by forming another exponential high low.
During Svenson’s analysis, Bitcoin was trading at $64,102, with a slight drop of just over 1% in the last 24 hours. Despite this small drop, the analyst’s overall view remains highly optimistic, depending on BTC’s ability to close the week above the critical $67,000 level.
