Cryptocurrency expert Kevin Svenson believes that Bitcoin (BTC) is in an upward trend despite its recent pullback. According to Svenson, Bitcoin maintaining the $50,000 range as support is considered a sign that a broader parabolic trend is continuing.
According to Svenson’s analysis, Bitcoin’s current situation shows that it is in a parabolic trend, consistent with the “textbook” chart. Svenson states that Bitcoin’s lows are currently quite high, which is a sign of a parabolic trend. Although it is possible that Bitcoin will retreat to $ 50,000 levels, he states that it will still be in a parabolic trend if it bounces from this region.
However, Svenson adds that the parabolic trend could be broken if Bitcoin continues to trade sideways and then pull back. In this case, it indicates that the momentum of the price may slow down and a correction movement towards lower levels may occur. However, this is not the case at the moment.
On the other hand, the analyst warns that if Bitcoin price falls below $50,000, it may remain in a consolidation phase throughout the summer.
“This decline we are experiencing for Bitcoin is no different from the size of previous declines, even after the ETF (exchange traded fund). We are doing well for now. Now of course, if Bitcoin crashes, trades sideways, and then has another crash, that could mean that momentum will slow down, which could mean most of the summer will be dull, consolidating sideways, and not much happens.”
NEWS CONTINUES BELOW
In conclusion, Svenson’s analysis shows that it is necessary to carefully monitor Bitcoin’s current situation and possible price movements. Investors should remember the importance of Bitcoin maintaining the $50,000 range and that they should be prepared for possible trend changes.
At the time of writing, Bitcoin is trading at $61,116, down 3.81% in the last 24 hours.
You can access current market movements here.
