A Crypto Analyst Believes Bitcoin Is on an Uptrend Despite Recent Drop
A well-known crypto analyst, Kevin Svenson, is confident that Bitcoin (BTC) is currently in an uptrend, despite its recent sharp decline from its 2024 high of nearly $49,000. In a video update to his YouTube subscribers, Svenson maintains a bullish stance on Bitcoin, even in the face of negative market sentiment.
Bullish Contrarian Signal Amidst Fear, Uncertainty, and Doubt (FUD)
Svenson sees the fear, uncertainty, and doubt (FUD) surrounding Bitcoin as a bullish contrarian signal. He describes the current phase as an expansion phase following a contraction phase and predicts that the upcoming halving event in April will drive demand for BTC.
Possible Price Correction Before Halving Event
While Svenson acknowledges that Bitcoin may experience further price drops, he believes it will maintain its bullish momentum. If Bitcoin fails to sustain its parabolic trendline formation, Svenson expects it to test the $33,000 range before rallying into the halving event.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $40,198, showing a slight increase for the day.
Hot Take: Analyst Remains Bullish on Bitcoin Despite Market Sentiment
In the face of negative market sentiment and recent price drops, crypto analyst Kevin Svenson maintains a bullish stance on Bitcoin. He sees fear, uncertainty, and doubt (FUD) as a contrarian signal and believes that Bitcoin is currently in an expansion phase. Despite potential price corrections in the short term, Svenson expects BTC to rally into the upcoming halving event in April due to increased demand. As Bitcoin continues to trade above $40,000, Svenson’s analysis suggests that the crypto king is displaying a bullish contrarian signal amidst its parabolic trendline formation.
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