- Bitcoin analyst Kevin Svenson forecasts a potential significant price movement amid an 11% correction in the cryptocurrency’s value over the past two weeks.
- Svenson suggests that ending the week above the parabolic curve trend line could lead to an approximate 42% increase from the current Bitcoin price.
- “A bullish engulfing weekly candle could propel Bitcoin to soar to $90,000, thus continuing its upward momentum,” Svenson notes.
Bitcoin primed for potential bullish reversal after recent downturn. Analysts predict significant price surge if key technical levels are maintained.
Bitcoin Corrects, Eyeing Key Support Levels
Bitcoin has experienced an 11% correction over the past two weeks, pulling back from its June high of around $72,000. Despite this dip, analyst Kevin Svenson posits that Bitcoin’s trajectory remains promising, provided it closes above the critical parabolic curve trend line by the end of the week. Svenson’s analysis indicates a potential rally that could see Bitcoin appreciate by as much as 42% from its current trading levels.
The Technical Outlook for Bitcoin
In a recent video, Svenson articulated to his audience of 78,400 YouTube subscribers the profound implications of Bitcoin’s weekly close on its future price action. He emphasized that a substantial bullish engulfing candle could serve as a catalyst for Bitcoin to reach $90,000, reinforcing the cryptocurrency’s bullish momentum. Detailed examination of multi-timeframe charts reveals that closing this week above $67,000 is a critical level for sustaining the ongoing uptrend.
Assessing Market Sentiments: Bull vs. Bear
The prevailing market sentiment towards Bitcoin remains bifurcated, with Svenson weighing in on the bull versus bear debate. Despite Bitcoin’s recent downward trajectory, he underscores the importance of a technical analysis-driven approach, noting that a series of higher lows on the chart signifies an ongoing bull market. According to Svenson, Bitcoin’s proximity to its all-time high and the potential to establish an exponential higher low reinforces its bullish case.
Conclusion
In summary, Bitcoin’s current market dynamics suggest potential for a significant bullish reversal contingent on critical weekly closes. Analysts like Kevin Svenson remain optimistic about Bitcoin’s long-term trajectory, emphasizing the importance of robust technical levels. Investors should continue to watch these key support and resistance levels to gauge Bitcoin’s potential rally, aiming for strategic entry points to maximize their investment returns.
