Bitcoin Could Surge Over 40 Under One Condition Analysts Suggest

The analyst Kevin Svenson predicts the direction of development of Bitcoin (BTC) after the leading cryptocurrency has dropped by about 11% from its peak in June, when it reached around $72,000.
In a recent video clip, he explained that despite the decline, Bitcoin could experience a significant price increase of around 42% if it finishes the week above the trend line of the parabolic curve.
“If we experience an unexpected spike and the current weekly candle turns into a bullish engulfing candle, we may see a serious increase,” Svenson claims. “It is possible to reach $90,000 earlier than expected, maintaining its momentum.”
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Heading into the ongoing debate of whether Bitcoin is in a bull or bear market, Svenson advises viewers to focus on the chart:


“Setting aside opinions and simply looking at the chart, we observe a series of higher lows. This indicates an upward trend and by definition – a bull market.”
He pointed out that Bitcoin is close to its historical peak, being only about 13-14% away from setting a new all-time high. This proximity to the historical peak and the consecutive higher lows mean that the leading cryptocurrency remains in a bull trend.
At the time of writing this article, Bitcoin is valued at $64,256, reflecting a slight increase of about 1% in the last day. Despite this minor decline, Svenson remains optimistic about the potential of BTC to reach new heights, assuming that current trends indicate a bull market.