Bitcoin Analyst Warns of Impending Correction Amid Halving Hype
Kevin Svenson, a noted analyst and trader in the cryptocurrency space, has expressed caution regarding the current trajectory of Bitcoin (BTC) following its recent surge to levels last seen in November 2021.
In a recent video addressing his substantial YouTube following of 72,400 subscribers, Svenson shared his perspective on the potential for a notable correction in Bitcoin’s price.
While maintaining an overall positive stance on the leading cryptocurrency, Svenson suggested the possibility of a decline of approximately 25% in the medium term, particularly following the anticipated halving event in mid-April.
Discussing his short-to-medium-term outlook, Svenson highlighted the significance of the impending halving and its potential impact on market dynamics.
He speculated that Bitcoin might experience a substantial dip after rallying towards a projected target of around $60,000, potentially retracing to approximately $44,000 post-halving.
READ MORE: MicroStrategy’s Michael Saylor Says he Will Continue Buying Bitcoin Forever
In assessing the immediate future, Svenson emphasized the ongoing bullish momentum driven by the approaching halving event. He suggested that despite potential short-term fluctuations, the broader momentum is likely to persist as the halving approaches.
Addressing potential price movements, Svenson noted that even a dip below the $50,000 mark would not necessarily negate the overall bullish narrative.
He pointed to key support levels, such as $47,000, indicating that previous resistance could now serve as a foundation for further upward movement, framing any downward movement as a constructive pullback within an overall upward trend.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
