Analyst Kevin Svenson is providing insights on the future of Bitcoin (BTC) as the flagship cryptocurrency experiences a correction of approximately 11% over the past two weeks, dropping from its June high of around $72,000.

In a recent video addressed to his 78,400 YouTube subscribers, Svenson suggests that despite the price dip, if Bitcoin manages to end the week above the parabolic curve trend line, it could trigger a price increase of approximately 42% from its current level. He mentions that if the current weekly candle becomes a bullish engulfing candle, reaching $90,000 could be a possibility, maintaining the trajectory and momentum.

Analyzing Svenson’s chart, it becomes evident that BTC needs to close the current week above $67,000 to indicate positive movement. When asked about whether Bitcoin is in a bull or bear market, Svenson emphasizes the importance of looking at the chart objectively. He points out that Bitcoin has been forming a series of higher lows, indicating an uptrend and a bull market. With Bitcoin being close to its all-time high and only about 13%-14% away from a new one, Svenson believes that Bitcoin still has the potential to establish another exponential higher low, contributing to its parabolic trend.

As of now, Bitcoin is trading at $64,102, experiencing a slight decline of over 1% in the past day.

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