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Bitcoin forecast: Experts expect new all-time highs before the halving
Hear Bitcoin's path forward from cryptocurrency analyst and trader Kevin Svenson. With current gains of double-digit percentage points, the cryptocurrency could “even reach new all-time highs before the halving,” according to Svenson. However, he also warns of possible downside risks after the halving planned for April. Based on Fibonacci retracement and extension tools, Svenson predicts Bitcoin will rise by around 32% from current levels before there is any consolidation. Subscribe to stay updated and follow us on Twitter, Facebook and Telegram.
Bitcoin forecast: Experts expect new all-time highs before the halving
Summary
Kevin Svenson, a cryptocurrency analyst and trader, predicts the path ahead for Bitcoin (BTC) after a week of double-digit gains. According to Svenson, if the current uptrend continues, Bitcoin could even “reach new all-time highs before the halving even takes place.” However, the analyst and trader warns that Bitcoin may face downside risks after the halving scheduled for April.
Impact and context
Bitcoin's upcoming halving event, where the block reward for Bitcoin miners will be halved, has historically caused Bitcoin to experience significant upside. Svenson's prediction relies on historical data and technical analysis tools such as the Fibonacci retracement and extension tools.
According to Svenson, Bitcoin could rise around 32% from current levels before a decline occurs. He states that a possible target level of $83,000 could be reached, followed by a correction to around $48,000-$49,000 before the price finds support again and continues higher.
It is important to note that forecasts such as these are based on assumptions and technical analysis and are not a guarantee of future price performance. Investors should continue to conduct their own due diligence and not rely solely on such predictions.
Table
| event | Date | Impact on Bitcoin price |
|---|---|---|
| Halving 2012 | Nov 28 | Bitcoin rose 12% |
| Halving 2016 | Jul 9 | Bitcoin rose 38% |
| Halving 2020 | Apr 28 | Prediction: Bitcoin could reach new all-time highs before the halving |
| Halving 2024 | TBD | Forecast: Bitcoin could experience a short-term decline after the halving |
Conclusion
While Kevin Svenson predicts a possible short-term upward movement for Bitcoin and does not rule out even new all-time highs before the halving, he also warns about possible risks after the halving. The predictions are based on historical data and technical analysis but should be viewed with caution. Investors should do their own research and not rely solely on such forecasts. The Bitcoin price remains volatile and can be influenced by various factors.