According to one cryptocurrency trader, Bitcoin “can continue the macro uptrend higher” now that it has received the “we needed” correction.

The 14% increase in Bitcoin’s value over the last week to $699,904 has persuaded traders that this could be the “real deal” market pump; another pullback is not anticipated until the cryptocurrency hits $90,000.

A crypto trader going by the handle “Roman” told Cointelegraph, “I think this is the “real deal” market pump because fundamentals and technicals are providing confluence.”

They said that the 21% dip in Bitcoin’s price to $58,000 on May 2 from its all-time high of roughly $73,738 was a “much-needed correction for higher prices in the future.”

Roman cited the “bullish reversal pattern” that has been visible on the price chart of Bitcoin this week as a reliable sign that the cryptocurrency won’t enter another phase of consolidation until it has surpassed its all-time high of $73,679, which it reached on March 12, by at least 20%.

They said, “I think we will move to at least $90,000-$100,000 before we see another period of consolidation or correction.”

A spinning top candlestick close to the bottom of the downtrend on May 20, ending at $66,278 CoinMarketCap data, indicated the bullish reversal pattern.

As of this writing, Bitcoin was trading for $70,140.

The US Securities and Exchange Commission may be pushing to approve spot Ether ETH $3,758 exchange-traded funds (ETFs), despite doubts expressed by analysts and the general public in recent weeks. This is the reason behind the current surge in the price of bitcoin.

As a result, the mood in the market became positive, and in only one day, the Crypto Fear and Greed Index increased by 12 points, hitting an “Extreme Greed” score of 76 on May 21.

Following news that the SEC had asked applicants for Ether ETFs to expedite their 19b-4 submissions on May 20, favorable sentiment spiked.

John Glover, chief investment officer at Ledn, expressed amazement at the way the speculation affected the price of Bitcoin.

As Glover told Cointelegraph, “It makes perfect sense that ETH jumped higher on this news; it is interesting to me that this brought BTC price up along with it.” An SEC approval for ETH should not affect BTC demand.

Glover predicted that before hitting new record highs, there would be some instability.

Glover predicted that the market would experience some profit-taking, which would drive down the price of Bitcoin from the $71,000 milestone in the upcoming days.

According to CoinGlass liquidation data, cryptocurrency traders are expecting a minor decline in the price of Bitcoin before it resumes its upward trajectory, even with the recent improvement in market sentiment.

A just 1% increase to over $71,000 would result in short position liquidations of about $766.73 million. Conversely, a 1% decline to about $69,400 would free up $101.54 million in long holdings.