Crypto analyst Kevin Svenson predicts Bitcoin (BTC) could reach $90,000 soon if it closes the week above $67,000, despite a recent 11% correction from its June high of $72,000. Svenson believes a weekly bullish engulfing candle could propel BTC up by 42%, maintaining its upward momentum. He argues that despite recent volatility, Bitcoin's pattern of higher lows signifies it remains in a bullish trend, positioning it for potential further gains.
Source: The Daily Hodl
DXM-Insights:
Kevin Svenson's analysis highlights key technical levels and bullish indicators for Bitcoin investors. His focus on the weekly candle close above $67,000 as a potential catalyst reflects the importance of momentum and market sentiment in driving BTC's price higher. For investors, understanding these technical levels can guide decisions on entry and exit points, considering the potential for rapid price movements based on market sentiment and chart patterns.
Moreover, Svenson's observation of Bitcoin's uptrend, characterized by higher lows, suggests resilience in the face of recent market corrections. This resilience is crucial for maintaining investor confidence and supporting long-term price appreciation. Investors should monitor BTC's price action around critical levels like $67,000 closely, as a break above could signal a continuation of the uptrend towards new highs.
