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

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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.”

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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.”

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Supply: Kevin Svenson/YouTube

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

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