Crypto analyst Kevin Svenson said Bitcoin He shared his comment about the decline in the price after touching the peak level. The analyst did not neglect to make a warning for BTC investors.
Kevin SvensonHe stated that BTC may enter a correction phase after losing its all-time high.
FOMO, short for fear of missing out, refers to emotions that may encourage investors and traders to impulsively stay long in an asset as its price continues to rise. Svenson also believes that the risk of a correction increases with FOMO.
As Koinfinans.com reported, Bitcoin has the potential to rise by approximately 26% from its current level before reversing.
“We will most likely break the all-time high. If we do this, a rally towards $84,000 looks likely. And then when all the newcomers FOMO on the next all-time high, shake them back but just below the all-time high. And then punch it again for the biggest major run of this cycle, which runs through 2025. “I think something along those lines is likely.”
Bitcoin was trading at $66,574 at the time of writing. According to Svenson’s chart, BTC could correct towards $54,500 before resuming the uptrend.
