Bitcoin (BTC) has lost approximately 11% of its value in the last two weeks, falling from June's peak of $72,000 to $63,000. Cryptocurrency analyst Kevin Svenson suggests that Bitcoin has significant upside potential in the near future, and if it closes above $67,000 this week, the price could rise to $90,000.
Potential to Rise to $90 Thousand
Svenson notes that if Bitcoin closes above the parabolic curve trend line, there could be a big price increase. In this scenario, he predicts that Bitcoin could rise as high as $90,000, an increase of 42% from its current level. According to his analysis, Bitcoin closing this week above $67,000 is of critical importance for the continuation of the upward momentum.
Svenson emphasizes that this weekly closing, which will take place on June 24 at 02.59 CET, is important. He states that if this level is maintained, a significant price rally could be triggered. Additionally, Svenson points out the rising lows in Bitcoin's technical analysis and emphasizes that this formation is a sign of a bull market.
Bitcoin's Current Status and Market Review
Svenson states that Bitcoin is currently trading at $64,102 and has fallen by over 1% in the last 24 hours. The fact that Bitcoin is near historical highs and close to breaking a new record supports Svenson's view that Bitcoin is still in a strong bull market.
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