Cryptocurrency markets’ closely followed senior analyst claims that Bitcoin (BTC) is in an uptrend despite a sharp fall from its high of approximately $49,000 in 2024.
Optimism in BTC
Senior analyst Kevin Svenson, in his statements on YouTube, maintained his optimism about the leading cryptocurrency despite the negative sentiment in the crypto markets, saying:
We are currently experiencing fear, uncertainty, and doubt (FUD) in a major uptrend. This is a contrarian signal, it should be a bullish contrarian signal… Bitcoin is currently in a classic expansion phase, a contraction phase, then an expansion phase, then a contraction phase, and now the next halving is coming, an expansion phase. And I maintain the overall uptrend.
Bitcoin’s Halving
According to Kevin Svenson, Bitcoin’s price could still fall, but it could also maintain its upward momentum. This is because the upcoming halving event in April, which will cut miners’ rewards in half, is expected to lead to an increase in demand. The expert finally stated:
If we break this parabola, then we should target our trend line… if Bitcoin cannot pass the parabolic curve, then we would actually want to test $33,000 and roughly just above $33,000 had become a target before, perhaps recovering towards the half. So if Bitcoin continues the downtrend, I will be targeting the low $33,000 range for our next support bounce along our linear uptrend line. We provided a nice rally into the halving, the halving will likely bring a lot of demand to the market.
In conclusion, crypto analyst Kevin Svenson points out that Bitcoin can maintain its overall uptrend despite the current downward pressure. An increase in demand is expected with the halving event. However, if it fails to surpass the parabolic curve, the $33,000 level is targeted as support.
