Analysis

Bitcoin Is Flashing a Bullish Contrarian Signal Amid Parabolic Trendline Formation, Says Analyst Kevin Svenson

A broadly adopted crypto analyst believes that Bitcoin (BTC) is on an uptrend regardless of a pointy drop from its 2024 excessive of almost $49,000.

In a brand new video replace, crypto strategist Kevin Svenson tells his 71,500 YouTube subscribers that he stays bullish on the crypto king regardless of the unfavourable market sentiment surrounding it.

“We’re at present experiencing worry, uncertainty and doubt (FUD) in a significant uptrend. This needs to be a contrarian sign, a bullish contrarian sign…

Bitcoin is at present inside a traditional growth section, a contraction section adopted by an growth section, adopted by a contraction section and now the following halving is coming, an growth section. And so usually I’m sustaining a bullish bias.”

BTC-0124-KS
Supply: Kevin Svenson/YouTube

In line with Svenson, Bitcoin can nonetheless go decrease in worth however retain its bullish momentum as BTC’s upcoming halving occasion – which is slated for April and can see miners’ rewards minimize in half – will trigger a spike in demand.

“If we break this parabola, then we have now to be aiming for our trendline… if Bitcoin fails the parabolic kind of curvature, effectively then we might really be trying to take a look at about $33,000 [and] roughly someplace simply above $33,000 would turn into the goal earlier than perhaps rallying into the halving.

So if Bitcoin does proceed the bearish worth motion, I’d be focusing on the low $33,000 vary for our subsequent assist bounce proper alongside our linear uptrend line. After which giving us a pleasant rally going into the halving, the halving probably offering the market with loads of demand.”

BTC-0124-KS-2
Supply: Kevin Svenson/YouTube

Bitcoin is buying and selling at $40,198 at time of writing, a marginal enhance on the day.

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