Cryptocurrency analyst Kevin Svenson believes Bitcoin (BTC) is still on an upward trajectory, despite recent setbacks.
Exponential Trend Intact
According to Svenson, as long as Bitcoin holds above the $50,000 support level, the parabolic trend remains intact. He explains that Bitcoin’s lows are currently exponential, indicating a continued upward trajectory.
Cautionary Note
However, Svenson warns that if Bitcoin breaks below $50,000, it could enter a consolidation phase that could last throughout the summer. He notes that the current dip is similar in size to previous dips, but a further breakdown could slow momentum and lead to a period of sideways trading.
Current Market Conditions
At the time of writing, Bitcoin is trading at $61,043, down 2.6% in the last 24 hours.
Disclaimer
Svenson emphasizes that his opinions are not investment advice and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.
