Cryptocurrency analyst Kevin Svenson recently shared his forecast with his YouTube subscribers, suggesting that Bitcoin (CRYPTO: BTC) could achieve new all-time highs before the upcoming halving event expected in April. He believes that Bitcoin’s current upward trend may attract buyers looking to capitalize on potential price gains before the halving, driving prices even higher.
At the time of reporting, Bitcoin was trading at $62,103, showing a 22.1% increase over the past 7 days. Svenson’s analysis, utilizing Fibonacci retracement and extension tools, indicates a potential 34% appreciation from the current level, setting a target of $83,000 for Bitcoin’s all-time high. Following this peak, Svenson anticipates a retracement to around $48,000-$49,000 before Bitcoin finds support and resumes its upward trajectory.
However, Svenson also cautioned about a possible significant sell-off after the halving event. He suggested that this could trigger a “major sell-the-news event,” leading to market downturns and creating a liquidity pool for accumulation below the all-time high.
Svenson’s prediction is noteworthy as it resonates with recent market sentiments. Alex Thorn, Head of Research at Galaxy Digital, recently forecasted a new all-time high for Bitcoin within weeks, citing increased institutional investments as a driving factor. Additionally, veteran prop trader Peter Brandt expressed bullishness, describing Bitcoin’s recent $19,000 gain as a precursor to even larger profits.
Amidst these predictions, some investors are resorting to risky tactics to capitalize on Bitcoin’s potential gains. For instance, a pseudonymous investor known as Sunny Po reportedly maxed out eight credit cards to purchase Bitcoin at an average price of $37,443 per coin. With Bitcoin’s current value, Po’s unrealized profit stands at nearly 66%, showcasing the allure and risks associated with cryptocurrency investments.
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