Bitcoin BTC/USD Worth May Leap to $90,000, Notwithstanding the Digital Currency's Latest 11% Correction: Analyst

Crypto analyst Kevin Svenson has projected a possible leap in Bitcoin's BTC/USD worth to $90,000, notwithstanding the digital currency's latest 11% correction.

Crypto analyst Kevin Svenson believes that Bitcoin (CRYPTO: BTC) could still experience a significant increase in value despite the digital currency’s recent 11% correction.

Svenson shared his analysis in a YouTube video on Friday, wherein he stated that if Bitcoin concludes the week above the parabolic curve trend line, it could lead to a 42% price augmentation from its present level.

Chart analysis by Svenson indicates that Bitcoin needs to wrap up the current week above $67,000 to maintain its upward trajectory. He also observed that in spite of the predominantly downward price movement in recent weeks, Bitcoin is still in a bull market.

“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 said.

“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 put in another exponential higher low, which would be part of a parabolic trend,” he added.

Bitcoin was trading at $64,269.13 at the time of writing, almost down by 3 percent in the last seven days.

Last month, crypto analyst Rekt Capital suggested that Bitcoin was no longer in the “danger zone,” but warned of a potential 13% dip from its value at the time.

Rekt Capital explained that Bitcoin typically enters the “danger zone” after a halving event, which reduces miners’ rewards. This context underscores the volatility of Bitcoin and the crypto market at large, making Svenson’s optimistic prediction all the more noteworthy.