Cryptocurrency analyst and professional trader Kevin Svenson suggests that Bitcoin (BTC) could reach an all-time high of over $80,000 before the upcoming halving event.
According to Svensson, volatility is expected to increase as Bitcoin enters the fourth stage of its current parabolic pattern. This pattern typically shows a four-level staircase structure, where prices tend to pause and fluctuate before continuing their upward trend.
In anticipation of this, many investors are expected to enter the market.
But Svensson also warned of potential short-term risks after the halving. He stressed that a significant decline could occur after the April halving, with Bitcoin temporarily falling below its previous peak before establishing a new accumulation zone.
BTC reaches $83,000?
Utilizing Fibonacci retracement and extension tools for technical analysis, Svensson suggests a potential price target for Bitcoin of $83,000.
Furthermore, we expect a retracement to around $48,000-$49,000 before returning to an upward trajectory.
However, Svensson warned that Bitcoin could come under downward pressure after the scheduled April halving. “Once the halving occurs, a significant 'news-selling' event could occur, pushing prices below all-time highs,” the analyst explained.
Svensson also highlighted the possibility of a sub-peak accumulation zone emerging before the market turns around and rises again.
The analyst highlighted bullish sentiment heading into the halving, suggesting that many investors will try to buy Bitcoin before the event and the price could break new records.
However, it warned that a surge in purchasing activity could temporarily limit growth.
Bitcoin price trajectory after Bitcoin halving
The Bitcoin halving event, a pivotal moment for the crypto market, is likely to have an impact on altcoins as well.
As the halving reduces the rewards that miners receive for validating transactions on the Bitcoin network, its impact will ripple throughout the crypto market, impacting both Bitcoin and altcoin prices.
In November 2023, “The Wolf of All Street” Scott Melker matched Standard Chartered Bank’s prediction that Bitcoin (BTC) would reach $100,000 by the end of 2024. This prediction was driven by the approval of the US-based Spot Bitcoin ETF and the upcoming halving. event.
Standard Chartered Bank maintained its April forecast, claiming that Bitcoin (BTC) will indeed reach the $100,000 level by the end of 2024.
A pivotal factor driving this prediction is the approval of multiple US-based spot Bitcoin ETFs in the first quarter of 2024. These ETFs may contain both his BTC and ETH and are expected to attract significant institutional investment.
The bank also observed that Bitcoin's market power has expanded to account for 50% of the total digital asset market capitalization, up from 45% in April.
Analysts from platforms such as DecenTrader, BitQuant, and Bloomberg have issued bullish price predictions for Bitcoin following the halving event. Predictions range from surpassing previous peak levels to achieving ambitious goals such as $250,000 or even $500,000.
These predictions are based on past price patterns, market dynamics, and the historical impact that halving events have had on Bitcoin's valuation, highlighting the potential for significant price appreciation in the foreseeable future. Masu.
