According to analyst Kevin Svenson, Bitcoin is sending a bullish counter signal amid the formation of a parabolic trend line
A widely followed crypto analyst believes Bitcoin (BTC) is in an uptrend despite a sharp decline from its 2024 peak 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 him.
“We are currently experiencing fear, uncertainty and doubt (FUD) in a major bullish trend. This should be a contrarian signal, a bullish contrarian signal…
Bitcoin is currently in a classic expansion phase, a contraction phase, followed by an expansion phase, followed by a contraction phase and now the next halving is coming up, an expansion phase. So I generally stick with a bullish bias.”
Source: Kevin Svenson/YouTube
According to Svenson, Bitcoin's price may still decline but maintain its upward momentum as the upcoming BTC halving – scheduled for April and will result in a halving of miners' rewards – will result in a surge in demand.
“If we break through that parabola, we need to aim for our trend line… if Bitcoin doesn’t break through the parabolic curvature, then we would actually be looking to test around $33,000.” [and] Around just over $33,000 would be the target before potentially rising to the halving.
So if Bitcoin continues the bearish price action, I would target the lower $33,000 area for our next support jump right along our linear uptrend line. And then we get ourselves a nice rally before the halving, which will probably bring a lot of demand to the market.”
Source: Kevin Svenson/YouTube
Bitcoin is trading at $40,198 at the time of writing, up slightly on the day.
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