Markets
Cryptocurrency Analyst Predicts Bitcoin To Hit $90,000 If It Happens
Crypto analyst Kevin Svenson projected a possible leap forward Bitcoin BTC/USD worth $90,000, despite the digital currency’s latest 11% correction.
What happened: In a YouTube video On Friday, Svenson said that if Bitcoin concludes the week above the parabolic curve’s trendline, it could cause a 42% price increase from its current level.
According to Svenson’s chart analysis, Bitcoin must close the current week above $67,000 to preserve its upward trajectory. He also observed that despite the mostly downward price trend 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 the graph only, what do we see? What we are seeing is a series of higher lows. It’s an uptrend, it’s a bull market by definition,” Svenson said.
“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 hit another exponential low, which would be part of a parabolic trend,” he added.
Read also: Analyst Predicts Bitcoin To Reach Groundbreaking $100,000 Milestone
At the time of writing, Bitcoin was trading at $64,269.13, down almost 3% over the past seven days.
Why is this important: Last month, crypto analyst Rekt Capital suggested that Bitcoin was no longer in the “danger zone,” but warned of a potential 13%. fall from its value at that time.
Rekt Capital explained that Bitcoin typically enters the “danger zone” after a halving event, which reduces miner rewards. This context highlights the volatility of Bitcoin and the crypto market as a whole, making Svenson’s optimistic prediction all the more remarkable.
Now read: Crypto Analyst Predicts Bitcoin Value Rise Before Major Drop
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