Bitcoin may hit $83k before halving event, analyst Kevin Svenson predicts
Kevin Svenson a crypto analyst and professional trader, suggests Bitcoin (BTC) could reach a new all-time high of above $80,000 before the upcoming halving event.
According to Svenson, as Bitcoin enters the fourth stage of its current parabolic curve pattern, volatility is anticipated to rise. This pattern typically exhibits a staircase-like structure with four levels, where the price tends to pause and fluctuate before continuing its upward trend.
Numerous investors are expected to enter the market in anticipation of this occurrence.
However, Svenson also cautions 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.
BTC hitting $83,000?
Utilizing Fibonacci retracement and extension tools for technical analysis, Svenson proposes a potential price target of $83,000 for Bitcoin.
Furthermore, he anticipates a retracement to approximately $48,000-$49,000 before resuming its upward trajectory.
However, Svenson cautioned that Bitcoin could encounter downward pressure post the scheduled April halving. “Once the halving occurs, we could witness a significant ‘sell-the-news’ event, potentially driving prices below the all-time high,” the analyst explained.
Svenson also highlighted the likelihood of a market turnaround and the emergence of an accumulation zone below the peak before another upward surge.
Emphasizing the bullish sentiment leading up to the halving, the analyst suggested that many investors might seek to purchase Bitcoin before the event, possibly propelling prices to new records.
However, they warned that a surge in buying activity could temporarily restrict growth.
Bitcoin’s price trajectory post-Bitcoin halving
The Bitcoin halving event, a pivotal moment in the cryptocurrency market, is likely to have implications for altcoins as well.
As the halving diminishes the rewards miners receive for validating transactions on the Bitcoin network, its repercussions reverberate throughout the entire crypto market, exerting influence on both Bitcoin and altcoin prices.
In November 2023, “Wolf Of All Streets” Scott Melker 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 the 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.
A pivotal factor driving this projection is the approval of multiple U.S.-based spot Bitcoin ETFs in the first quarter of 2024. These ETFs, potentially encompassing both BTC and ETH, are anticipated to draw significant institutional investment.
The bank also observed that Bitcoin’s market dominance has expanded, now comprising 50% of the total digital assets market cap, up from 45% in April.
Analysts from platforms such as DecenTrader, BitQuant, and Bloomberg have presented bullish price forecasts for Bitcoin following the halving event. Predictions vary 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, underscoring the potential for substantial price appreciation in the foreseeable future.
