Cryptocurrency analyst Kevin Svenson, despite recent pullbacks, spoke positively about Bitcoin (BTC) and claimed that the largest cryptocurrency remains on an upward trajectory. The analyst insists on a continued rise in Bitcoin despite the recent decline, but also issued a warning.
Bitcoin Commentary
Sharing his latest observations on Bitcoin with his YouTube subscribers, Svenson said that staying above the support level corresponding to the mid $50,000 range on a weekly time frame signals the continuation of a larger parabolic uptrend.
Using technical analysis for his review, Svenson emphasized the importance of Bitcoin’s current price movement and strength, indicating that it needs to stay above support levels by forming higher lows, which are indicative of a parabolic uptrend. He mentioned that price movements in the mid to high $50,000 range are reasonable and that Bitcoin’s persistence in this zone strengthens the idea of a strong parabolic rally.
However, the analyst suggested that a drop below $50,000 could signal a potential consolidation phase for the largest cryptocurrency during the summer months, advising caution in such a scenario. He emphasized the importance of monitoring Bitcoin’s price movements, especially in maintaining momentum in the current context.
Collapse and Consolidation Scenario
The analyst contextualized Bitcoin’s recent price drop within a broader market movement model, noting similarities to previous corrections. Despite this, he expressed optimism that Bitcoin would remain resilient, especially in light of past market performance.
Addressing potential negative scenarios, Svenson highlighted the possibility of Bitcoin entering a sideways movement phase followed by another collapse. In such a scenario, he expects a drop in momentum and a prolonged consolidation period characterized by limited price movements.
