A seasoned crypto market analyst has suggested that Bitcoin (BTC) is on an upward trend despite its sharp decline from its peak of approximately $49,000 in 2024. Kevin Svenson, in his YouTube commentary, remains optimistic about the leading cryptocurrency amid the negative sentiment in the market, suggesting that the current fear, uncertainty, and doubt (FUD) indicate a bullish counter-signal.
Svenson describes Bitcoin’s current state as being in a classic expansion phase, which typically follows a contraction phase. He emphasizes that this cycle is expected to continue with another expansion phase anticipated with the upcoming halving event, where miners’ rewards are halved, potentially increasing demand for BTC.
Although acknowledging the possibility of a further price drop, Svenson believes Bitcoin could maintain its upward momentum. The halving event scheduled for April could trigger a demand surge. He warns that if Bitcoin fails to break the parabolic trend, it might test the support level around $33,000, which had previously been a target.
Svenson anticipates that if Bitcoin continues its downward trend, it would target the lower range of $33,000 along its linear ascending trend line. However, he expects a rally leading into the halving event, which could significantly boost market demand.
In conclusion, despite the current downward pressure, analyst Kevin Svenson predicts that Bitcoin could sustain its general uptrend, with the halving event likely to stimulate an increase in demand. If Bitcoin fails to surpass the parabolic curve, a support level at $33,000 is foreseen.