A broadly 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 damaging market sentiment surrounding it.
“We’re presently experiencing concern, uncertainty and doubt (FUD) in a serious uptrend. This must be a contrarian sign, a bullish contrarian sign…
Bitcoin is presently inside a traditional enlargement part, a contraction part adopted by an enlargement part, adopted by a contraction part and now the following halving is coming, an enlargement part. And so typically I’m sustaining a bullish bias.”
![BTC-0124-KS](https://dailyhodl.com/wp-content/uploads/2024/01/BTC-0124-KS.png)
Based on 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 now have to be aiming for our trendline… if Bitcoin fails the parabolic form of curvature, nicely then we might truly be seeking to take a look at about $33,000 [and] roughly someplace simply above $33,000 would develop into the goal earlier than perhaps rallying into the halving.
So if Bitcoin does proceed the bearish worth motion, I’d be concentrating 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 a whole lot of demand.”
![BTC-0124-KS-2](https://dailyhodl.com/wp-content/uploads/2024/01/BTC-0124-KS-2.png)
Bitcoin is buying and selling at $40,198 at time of writing, a marginal enhance on the day.
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