A widely followed crypto analyst believes that Bitcoin (BTC) is on an uptrend despite a sharp drop from its 2024 high of nearly $49,000.
In a new video update, crypto strategist Kevin Svenson tells his 71,500 YouTube subscribers that he remains bullish on the crypto king despite the negative market sentiment surrounding it.
“We are currently experiencing fear, uncertainty and doubt (FUD) in a major uptrend. This should be a contrarian signal, a bullish contrarian signal…
Bitcoin is currently inside of a classic expansion phase, a contraction phase followed by an expansion phase, followed by a contraction phase and now the next halving is coming, an expansion phase. And so generally I am maintaining a bullish bias.”
According to Svenson, Bitcoin can still go lower in price but retain its bullish momentum as BTC’s upcoming halving event – which is slated for April and will see miners’ rewards cut in half – will cause a spike in demand.
“If we break this parabola, then we have to be aiming for our trendline… if Bitcoin fails the parabolic sort of curvature, well then we would actually be looking to test about $33,000 [and] roughly somewhere just above $33,000 would become the target before maybe rallying into the halving.
So if Bitcoin does continue the bearish price action, I’d be targeting the low $33,000 range for our next support bounce right along our linear uptrend line. And then giving us a nice rally going into the halving, the halving likely providing the market with a lot of demand.”
Bitcoin is trading at $40,198 at time of writing, a marginal increase on the day.
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