Kevin Svenson a crypto analyst and professional trader, suggests Bitcoin (BTC) could reach a new all-time high of above $80,000 before the upcoming halving event.
According to Svenson, as Bitcoin enters the fourth stage of its current parabolic curve pattern, volatility is anticipated to rise. This pattern typically exhibits a staircase-like structure with four levels, where the price tends to pause and fluctuate before continuing its upward trend.
Numerous investors are expected to enter the market in anticipation of this occurrence.
However, Svenson also cautions about potential short-term risks post-halving. He highlights the possibility of a significant sell-off following the April halving, potentially causing Bitcoin to briefly dip below its previous peak before establishing a new accumulation zone.
BTC hitting $83,000?
Utilizing Fibonacci retracement and extension tools for technical analysis, Svenson proposes a potential price target of $83,000 for Bitcoin.
Furthermore, he anticipates a retracement to approximately $48,000-$49,000 before resuming its upward trajectory.
However, Svenson cautioned that Bitcoin could encounter downward pressure post the scheduled April halving. “Once the halving occurs, we could witness a significant ‘sell-the-news’ event, potentially driving prices below the all-time high,” the analyst explained.
Svenson also highlighted the likelihood of a market turnaround and the emergence of an accumulation zone below the peak before another upward surge.
Emphasizing the bullish sentiment leading up to the halving, the analyst suggested that many investors might seek to purchase Bitcoin before the event, possibly propelling prices to new records.
However, they warned that a surge in buying activity could temporarily restrict growth.
Bitcoin’s price trajectory post-Bitcoin halving
The Bitcoin halving event, a pivotal moment in the cryptocurrency market, is likely
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Author: Ogwu Osaemezu Emmanuel
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