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Kevin Svenson, a crypto analyst and professional trader, predicts that Bitcoin (BTC) could soar to a new all-time high of over $80,000 before the upcoming halving event. Svenson suggests that as Bitcoin enters the fourth stage of its parabolic curve pattern, volatility is expected to increase. This pattern typically displays a staircase-like structure with four levels, where the price tends to pause and fluctuate before continuing its upward trend.
Many investors are anticipated to enter the market in anticipation of this event. However, Svenson also warns about potential short-term risks post-halving. He highlights the possibility of a significant sell-off following the April halving, potentially causing Bitcoin to briefly dip below its previous peak before establishing a new accumulation zone.
By utilizing Fibonacci retracement and extension tools for technical analysis, Svenson proposes a potential price target of $83,000 for Bitcoin. He also foresees a retracement to around $48,000-$49,000 before resuming its upward trajectory. Nonetheless, Svenson cautions that Bitcoin could face downward pressure post the scheduled April halving.
Emphasizing the bullish sentiment leading up to the halving, Svenson suggests that many investors might seek to purchase Bitcoin before the event, possibly propelling prices to new records. However, a surge in buying activity could temporarily restrict growth.
The Bitcoin halving event, a significant moment in the cryptocurrency market, is likely to have implications for altcoins as well. As the halving reduces the rewards miners receive for validating transactions on the Bitcoin network, its impact ripples throughout the entire crypto market, influencing both Bitcoin and altcoin prices.
In November 2023, Scott Melker, known as the “Wolf Of All Streets,” aligned with Standard Chartered Bank’s prediction of Bitcoin (BTC) hitting $100,000 by the end of 2024. This forecast was driven by the approval of U.S.-based spot Bitcoin ETFs and the upcoming halving event. Standard Chartered Bank maintains its April forecast, asserting that Bitcoin (BTC) will indeed hit the $100,000 mark by the conclusion of 2024.
Analysts from platforms like DecenTrader, BitQuant, and Bloomberg have presented bullish price forecasts for Bitcoin following the halving event. Predictions range from surpassing previous peak levels to achieving ambitious targets such as $250,000 and even $500,000. These projections draw on historical price patterns, market dynamics, and the historical impact of halving events on Bitcoin’s valuation, highlighting the potential for substantial price appreciation in the foreseeable future.
