Kevin Svenson discusses a path forward for Bitcoin (BTC) as the leading cryptocurrency has corrected about 11% in the past two weeks from its June peak of about $72,000.

In a new video, Svenson tells his 78,400 YouTube subscribers that despite the Bitcoin price drop, ending the week above the parabolic trendline could trigger a price increase of around 42% from current levels:

“If we had a miraculous surge and it [de huidige wekelijkse candle] were to turn into a bullish engulfing candle, we would be in pretty good shape. We would probably get to $90,000 sooner rather than later while maintaining our trajectory and momentum.”

According to the trader’s chart, BTC should close the current week above $67,000.

On whether Bitcoin is in a bull or bear market amid mostly bearish price action in recent weeks, Svenson says:

“If you put your opinion aside and just look at the graph, what do we see? What we are seeing is a series of higher lows. This is an uptrend, this is by definition a bull market.

Bitcoin is close to all-time highs. Bitcoin is about 13%-14% away from a new all-time high. This is a bull market guys and Bitcoin is still in a position to set another exponentially higher low, which would be part of a parabolic trend.”

At the time of writing, Bitcoin is trading at $64,102, down more than 1% from the day before.


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