Markets
Crypto Analyst Predicts Bitcoin Will Hit $90,000 If This Happens
Crypto Analyst Kevin Svenson projected a possible leap Bitcoins BTC/USD is worth $90,000 despite the digital currency’s latest 11% correction.
What happened: On a YouTube video on Friday, Svenson said that if Bitcoin concludes the week above the parabolic curve trendline, it could instigate a 42% price increase from its current level.
According to Svenson’s chart analysis, Bitcoin needs to end the current week above $67,000 to preserve its upward trajectory. He also noted that despite the predominantly downward price movement in recent weeks, Bitcoin is still in a bull market.
“If you put your opinion aside for a moment and just look at the graph, just look at the graph and just the graph, what do we see? What we see is a series of higher lows. This is an uptrend, this is a bull market by definition,” said Svenson.
“Bitcoin is about 13%-14% away from a new all-time high. This is a bull market, and Bitcoin is still in a position to reach another exponentially higher low, which would be part of a parabolic trend,” he added.
Read too: Analyst Predicts Bitcoin Will Reach Groundbreaking $100,000 Milestone
At the time of writing, Bitcoin is trading at $64,269.13, down nearly 3% in the last seven days.
Why does this matter: Last month, crypto analyst Rekt Capital suggested that Bitcoin was no longer in the “danger zone” but warned of a 13% potential fall from its value at the moment.
Rekt Capital explained that Bitcoin typically enters the “danger zone” after a halving event, which reduces miner rewards. This context underlines the volatility of Bitcoin and the crypto market in general, making Svenson’s optimistic prediction even more notable.
Now read: Crypto Analyst Predicts Rise in Bitcoin Value Before Big Drop
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