Bitcoin’s Bullish Trajectory: Why $90,000 Could Be Just Around the Corner

Despite a recent 11% correction, Bitcoin’s (BTC) price action remains bullish, according to crypto analyst Kevin Svenson. In a recent video, Svenson outlined a path forward for the flagship cryptocurrency, suggesting that a weekly close above the parabolic curve trend line could trigger a 42% price increase from current levels.

Bitcoin’s parabolic curve trend line

Svenson’s chart indicates that BTC needs to end the current week above $67,000 to maintain its momentum. However, the analyst remains optimistic, citing a series of higher lows as evidence of a continued uptrend.

Bitcoin’s higher lows

“If you put your opinion aside for a moment and you just look at the chart, just look at the chart and the chart only, what do we see? What we see is a series of higher lows. This is an uptrend, this is a bull market by definition,” Svenson explained.

With Bitcoin currently trading at $64,102, a new all-time high is within reach. Svenson believes that the cryptocurrency is still in a position to put in another exponential higher low, which would be part of a parabolic trend.

Bitcoin’s all-time high

As the market continues to fluctuate, one thing is clear: Bitcoin’s bullish trajectory remains intact. With a potential price increase of $90,000 on the horizon, investors are eagerly awaiting the next move.

Bitcoin’s potential price increase

“If we had some miraculous pump and it [the current weekly candle] became a weekly bullish engulfing candle, well then we would be looking pretty good right there. We would probably end up punching up to $90,000 sooner rather than later, maintaining our trajectory, our momentum,” Svenson said.

As the cryptocurrency market continues to evolve, one thing is certain: Bitcoin remains the flagship cryptocurrency, and its price action will continue to dominate headlines.

Bitcoin’s market dominance