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


A extensively adopted crypto analyst believes that Bitcoin (BTC) is on an uptrend regardless of a pointy drop from its 2024 excessive of practically $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 destructive market sentiment surrounding it.

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

Bitcoin is at present within a basic growth part, a contraction part adopted by an growth part, adopted by a contraction part and now the following halving is coming, an growth part. And so typically I’m sustaining a bullish bias.”

Supply: Kevin Svenson/YouTube

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

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

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

Supply: Kevin Svenson/YouTube

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

Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox

Verify Worth Motion

Comply with us on Twitter, Fb and Telegram

Surf The Day by day Hodl Combine

Verify Newest Information Headlines


Disclaimer: Opinions expressed at The Day by day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any loses it’s possible you’ll incur are your accountability. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please word that The Day by day Hodl participates in online marketing.

Generated Picture: DALLE3


Please enter your comment!
Please enter your name here