Cryptocurrency analyst Kevin Svenson warns the market that Bitcoin (BTC) may experience a significant correction after reaching the price levels seen in November 2021. According to Svenson’s analysis, Bitcoin is likely to experience a medium-term decline of just over 25% from mid-April. Here are the details…
Although the leading crypto asset remains bullish, it could fall just over 25% in the medium term after the halving event, Svenson said in his new YouTube video. As we previously reported, the halving event is expected to take place in April.
“I think we could see a big drop or a big correction after the halving moves towards our $60,000 short squeeze target, maybe some movement on that and then a post-halving scenario of returning to $44,000. “At least that’s a scenario I’m considering right now.”
In the short term, Svenson thinks that the momentum in Bitcoin will continue.
“The momentum is still here, and that’s because the halving is approaching. “We will probably see the momentum of the bulls continue leading up to the halving.”
NEWS CONTINUES BELOW
According to Svenson, Bitcoin could fall below $50,000 in the short term without invalidating the bullish thesis.
“Looking at the daily chart, even if Bitcoin rebounds to $47,000, it will be the previous resistance becoming the new support. Even though the bears are screaming, this will just be another constructive pullback and an exponential higher low.”
Bitcoin is trading at $51,792 at the time of writing this article.
