Cryptocurrency expert Kevin Svenson believes that Bitcoin is still on an upward trajectory, despite experiencing a recent pullback. In a recent video, Svenson explains to his 76,100 YouTube followers that as long as Bitcoin maintains support in the mid to high $50,000 range, the broader parabolic trend will continue.
Svenson refers to a textbook diagram to support his analysis, stating that the current lows of Bitcoin are exponential, indicating a parabolic trend. Even if Bitcoin temporarily drops to the mid to high $50,000 range, as long as it bounces within that zone, it is still considered an exponentially higher low and the parabolic trend remains intact.
However, Svenson warns that if Bitcoin were to trade sideways and experience a further pullback, it would signify a break in the parabolic trend. This would indicate a loss of momentum and potentially lead to testing lower levels of support. Nevertheless, as of now, Bitcoin is still on an exponential trajectory.
Svenson also cautions that if Bitcoin falls below $50,000, it could remain in a consolidation phase throughout the summer. He emphasizes that this dip is not unusual and compares it to previous dips, even after the introduction of exchange-traded funds (ETFs). He suggests that if Bitcoin continues to trade sideways and experience another breakdown, the momentum would slow, resulting in a boring and consolidating summer.
Currently, Bitcoin is trading at $61,043, showing a 2.6% decrease in the last 24 hours.
Please note that the opinions expressed in this article are not investment advice. It is recommended that investors conduct their own research and analysis before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor.
