A widely followed crypto analyst believes Bitcoin (BTC) is on an upward trend despite a sharp decline from its 2024 high of nearly $49,000.
In a new video update, crypto strategist Kevin Svenson tells his 71,500 YouTube subscribers say he remains optimistic about 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 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, an expansion phase. And so I generally maintain a bullish bias.”
According to Svenson, Bitcoin could still fall in price but maintain its bullish momentum as the upcoming BTC halving – scheduled for April and which will see miner rewards halved – will cause a spike in demand.
“If we break this parabola, we should focus on our trendline… if Bitcoin doesn’t hit the parabolic curve, then we would actually want to test around $33,000. [and] around somewhere just above $33,000 would become the target before perhaps rising to the halving.
So if Bitcoin continues the bearish price action, I would target the low $33,000 range for our next support rise, right along our linear uptrend line. And then we will have a nice rally towards the halving, where the halving will probably provide the market with a lot of demand.”
Bitcoin is trading at $40,198 at the time of writing, up marginally on the day.
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