Crypto analyst Kevin Svenson believes Bitcoin (BTC) could rise to an important resistance level ahead of a halving event.
In a new strategy session, the trader tells 72,000 YouTube subscribers that the rising momentum of the flagship digital asset will push the stock to $60,000 before the April halving event, when miners' rewards will be halved. He said it was possible.
“So the area between $57,500 and about $60,000, the trap liquidity target, is the next major resistance area in my opinion. And that's the area I'm targeting heading into the halving. .
If we can maintain this momentum, the momentum we're on, the trajectory we're on, the idea of hitting a target zone between $57,500 and $60,000 isn't that far-fetched. In fact, the possibility is quite high. ”
The trader also warned that Bitcoin could retest levels near $44,000 after the halving event.
“After the halving, there could be a push to retest support before actually testing all-time highs.
However, leading up to the halving, there will be a lot of hope and anticipation for a positive fundamental event. The halving is likely to lead to a lot of optimism, positive sentiment, and bullish speculation, depending on how the stock market performs. Once these price levels are reached, it could fall to the $44,000 level after the halving and then rise again. ”
At the time of writing, Bitcoin was trading at $49,604, declining slightly over the past 24 hours.
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