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Crypto analyst Kevin Svenson predicts that Bitcoin (BTC) could soon reach $90,000 despite a recent 11% correction from its June high of around $72,000.
Svensson, who has 78,400 YouTube subscribers, analyzed in a new video on the 21st (local time) that if Bitcoin closes above the parabolic trend line this week, it could trigger a significant price rise.
He predicted that if this week's Bitcoin price shows a large rise that completely covers last week's price, the Bitcoin price could rise by about 42% from the current level.
According to Svensson's chart, Bitcoin would need to close the week above $67,000 to maintain its upward momentum.
Svensson referred to the current market sentiment and said that despite the recent price decline, Bitcoin is still in a bull market.
He highlighted a series of high lows on the chart that define an upward trend.
With Bitcoin nearing its all-time high and only 13% to 14% away from hitting a new high, Svensson argued that the cryptocurrency is positioned to continue its parabolic trend.
He recommended looking at the charts objectively and expressed the view that Bitcoin is still in a bullish phase and a significant rise is possible.
According to CoinMarketCap, cryptocurrency leader Bitcoin (BTC) is trading in the $64,000 range on the 22nd (Korean time).
