Cryptocurrency analyst Kevin Svenson believes Bitcoin (BTC) remains in an upward trajectory despite the recent pullback.
In a new video, Svenson tells his 76,100 YouTube subscribers that as long as Bitcoin holds the mid to high $50,000 range as support a broader parabolic trend remains intact.
“According to the textbook diagram, there’s no reason for me to think that we’re not in a parabolic trend because we are. The lows are currently exponential. Bitcoin can come down and wick into the mid to high $50,000 range, but as long as we bounce around that zone, it is still an exponentially higher low, which means it’s a parabolic trend, which means it’s still intact.
If Bitcoin were to trade sideways and then pull back then the parabolic trend is broken and that gives us an indication that the trend would be slowing down momentum and maybe we would actually test much lower levels at some point before getting support. But as of right now, we’re still on the exponential trajectory.”
The analyst warns if Bitcoin does break down below $50,000 it could remain in a consolidation phase throughout the summer.
“This dip that we have for Bitcoin is no different than the size of any of these previous dips, even after the ETF (exchange-traded fund). We’re doing good for now. Now of course there is a potential that if Bitcoin comes down, trades sideways and then has another breakdown, that momentum would slow and it could mean that most of the summer would be boring, would be consolidating sideways, not much going on.”
Bitcoin is trading for $61,043 at time of writing, down 2.6% in the last 24 hours.
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