A well-known cryptocurrency trader believes that the recent market correction has helped Bitcoin (BTC) establish a strong foundation for its ongoing upward trend. Kevin Svenson, an analyst with a large following on the social media platform X, suggests that Bitcoin may have completed the fourth phase of its parabolic curve pattern.

Svenson shares a chart indicating that Bitcoin is now positioned to rally towards its price target of $90,000, as part of the parabolic trend. He expresses his excitement about this development, stating that he has been anticipating this potential for the past year and now it is finally becoming a reality.

In addition to his observations on the parabolic trend, Svenson also points out that two momentum indicators, the moving average convergence divergence (MACD) and the relative strength index (RSI), have recently turned bullish for Bitcoin on the daily chart. This further supports his optimistic view on the cryptocurrency.

However, Svenson clarifies that his bullish outlook extends beyond the $90,000 target. He believes that Bitcoin’s bull market will continue even after reaching this milestone. While he expects a significant correction after reaching $90,000, he emphasizes that the current cycle is still in its early stages, especially considering the recent Bitcoin halving event. He anticipates more exciting developments and price action in the future.

As of now, Bitcoin is trading at $63,711. Investors are advised to conduct thorough research and exercise caution when making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl, where this information was sourced from, does not provide investment advice or act as an investment advisor.