Renowned crypto analyst Kevin Svenson has highlighted his 2024 price forecast for Bitcoin. Svenson posted a pictorial analysis of his expectations for the flagship cryptocurrency on X (formerly Twitter), reflecting the various phases of transition he expects in BTC’s price evolution.
#Bitcoin | Halving Price Action Forecast
▪ Pump into Halving
▪ Dump into Q2
▪ Pump into Q3
▪ ATH before EOY
Things to keep in mind:
1.) Markets take time.
2.) Volatility is the name of the game. pic.twitter.com/5SgaFK2IHb
— Kevin Svenson (@KevinSvenson_) February 5, 2024
Svenson divided his BTC price forecast into four phases: the pump into halving, the dump into Q2, the pump into Q3, and the all-time high (ATH) before the end of the year (EOY). The analyst also identified two essential concepts to note during the price transition. According to him, crypto traders must realize that markets take time and note that “volatility is the name of the game.”
The next Bitcoin halving will be at block height 840,000, and Svenson estimated that to happen on April 15, 2024. He projects a significant Bitcoin rally before the halving event that would see the pioneer cryptocurrency reach $55,000 before retracing below $45,000.
From Svenson’s analysis, the pullback would happen in Q2, representing the dump. Following the retracement, the analyst projects that Bitcoin would find support around the $45,000 region before embarking on a final rally for the year.
The analyst’s pictorial post suggests that Bitcoin’s price would surge into Q3 and reclaim the lost profit. He further noted that the rally would continue towards the end of the year when the top crypto would register a new ATH.
Bitcoin traded for $43,134 at the time of writing after forming a swing-low on the weekly chart by bouncing off support at $38,505, according to data from TradingView. Svenson’s post suggests that Bitcoin is in a classic uptrend that may continue into the halving event and towards his predicted levels.
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