Kevin Svenson, a crypto analyst and professional trader, believes that Bitcoin (BTC) could reach a new all-time high of over $80,000 before the upcoming halving.
According to Svenson, volatility is expected to increase as Bitcoin enters the fourth phase of its current parabolic curve pattern. This pattern typically features a four-level staircase-like structure where price tends to pause and fluctuate before resuming its upward trend.
It is expected that numerous investors will enter the market in anticipation of this event.
However, Svenson also warns about possible short-term risks after the halving. He points to the possibility of a significant sell-off following April's halving, which could potentially see Bitcoin briefly fall below its previous high before a new accumulation zone emerges.
BTC hits $83,000?
Svenson uses Fibonacci retracement and extension tools for technical analysis and suggests a potential price target of $83,000 for Bitcoin.
Furthermore, it expects a decline to around $48,000-$49,000 before resuming its uptrend.
However, Svenson warned that Bitcoin could face bearish pressure after the planned halving in April. “Once the halving occurs, we could witness a significant sell-the-news event that could potentially drive prices below all-time highs,” the analyst explained.
Svenson also highlighted the likelihood of a market reversal and the emergence of an accumulation zone below the peak before further upside.
The analyst highlighted the bullish sentiment ahead of the halving and suggested that many investors may look to buy Bitcoin ahead of the event, potentially driving prices to new records.
However, they warned that a surge in buying activity could temporarily slow growth.
Bitcoin price history after the Bitcoin halving
The Bitcoin halving, a pivotal moment in the cryptocurrency market, is also likely to have an impact on altcoins.
Since the halving reduces the rewards that miners receive for validating transactions on the Bitcoin network, the impact ripple throughout the crypto market and exert influence on Bitcoin and altcoin prices.
In November 2023, “Wolf Of All Streets” Scott Melker joined Standard Chartered Bank’s prediction that Bitcoin (BTC) will reach $100,000 by the end of 2024. This prediction was driven by the approval of US-based spot Bitcoin ETFs and the upcoming halving event.
Standard Chartered Bank stands by its April forecast and claims that Bitcoin (BTC) will indeed reach $100,000 by the end of 2024.
A key factor in this forecast is the approval of several US-based spot Bitcoin ETFs in the first quarter of 2024. These ETFs, which may include both BTC and ETH, are expected to attract significant institutional investment.
The bank also noted that Bitcoin's market dominance has increased and now accounts for 50% of the total digital asset market capitalization, up from 45% in April.
#BITCOIN set to reach 100,000 by the end of 2024?
Standard Chartered Bank stands by its April forecast that Bitcoin (BTC) will reach $100,000 by the end of 2024. A key factor in this forecast is the expected approval of several US-based spot Bitcoin ETFs in the first year… pic.twitter.com/TQefOBv1Ty
– The Wolf of All Streets (@scottmelker) November 28, 2023
Analysts from platforms such as DecenTrader, BitQuant and Bloomberg have offered bullish price predictions for Bitcoin following the halving. Predictions range from surpassing previous peaks to reaching ambitious targets such as $250,000 and even $500,000.
These predictions draw on historical price patterns, market dynamics, and the historical impact of halving events on Bitcoin's valuation, highlighting the potential for significant price appreciation in the foreseeable future.
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