Bitcoin remains on an upward trajectory despite a recent pullback, according to cryptocurrency analyst Kevin Svenson. Speaking to his 76,100 YouTube subscribers, Svenson explains that as long as Bitcoin maintains support in the mid to high $50,000 range, the broader parabolic trend remains intact. He emphasizes that the current lows are exponential, and even if Bitcoin were to dip into the mid to high $50,000 range, it would still be considered an exponentially higher low, indicating a parabolic trend that is still intact.

However, Svenson warns that if Bitcoin were to trade sideways and then experience another pullback, it would indicate a break in the parabolic trend and a potential slowdown in momentum. In such a scenario, lower price levels may be tested before finding support. Nevertheless, as of now, Bitcoin is still on an exponential trajectory.

Svenson cautions that if Bitcoin breaks below $50,000, it could enter a consolidation phase throughout the summer. He reassures viewers that the current dip is no different in size compared to previous dips, and there is potential for a period of consolidation with little activity if Bitcoin experiences further breakdowns.

At the time of writing, Bitcoin is trading at $61,043, representing a 2.6% decrease in the last 24 hours.

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are undertaken at one’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing.