Crypto analyst Kevin Svenson has projected a possible leap in Bitcoin’s (CRYPTO: BTC) worth to $90,000, notwithstanding the digital currency’s latest 11% correction.

What Happened: In a YouTube video on Friday, Svenson said that if Bitcoin concludes the week above the parabolic curve trend line, it could instigate a 42% price augmentation from its present level.

According to Svenson’s chart analysis, Bitcoin needs to wrap up the current week above $67,000 to preserve 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.

Also Read: Analyst Predicts Bitcoin To Reach Groundbreaking $100,000 Milestone

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

Why It Matters: 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.

Now Read: Crypto Analyst Foresees Upswing In Bitcoin’s Value Before Major Plunge

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