Cryptocurrency analyst and trader Kevin Svenson is forecasting the path forward for Bitcoin (BTC) after a week of double-digit gains.
Svenson tells his 72,800 YouTube subscribers that if Bitcoin maintains the current upward momentum, the flagship crypto asset could hit “new all-time highs before the halving even takes place”.
The crypto analyst and trader, however, says that Bitcoin could face downside risks after the halving scheduled for April.
“Once the having does take place that’s when you could see a major sell-the-news event, a fake-out, back below the all-time high, turn the market and then open up a sea of liquidity to create an accumulation zone below the all-time high before pushing up again…
Going into the halving, it’s a bullish event, or at least that’s how it’s perceived. And anybody that wants to buy Bitcoin is probably going to buy Bitcoin going into the halving, before the halving… which is going to send the prices even higher possibly to a new all-time high.
And if everybody that wants to buy does buy, then it’s going to create a short-term cap on growth…”
Bitcoin is trading at $62,988 at time of writing, up by approximately 22% in a week.
Svenson says that based on the Fibonacci retracement and extension tools, technical analysis tools used to find potential swing points for the price of an asset, Bitcoin could appreciate by around 32% from the current level before dipping.
“So that would be a target of $83,000 on an all-time high break followed by a retrace fibbing from the [spot Bitcoin] exchange-traded fund (ETF) rejection bottom to the next potential high. That would land us at about $48,000-$49,000 roughly before getting support and continuing up…”
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