Crypto analyst Kevin Svenson said Bitcoin He is of the opinion that it may rise to a significant resistance level before the halving event. Svenson states that the leading digital asset’s upward momentum could reach as high as $60,000 before the April halving event, when miners’ rewards are halved.
“At issue is the region between $57,500 and around $60,000. It is necessary to pay attention to liquidity traps in this area. Because in my view, this is the next major area of resistance. It seems logical to target this region as we move towards the halving event. “If we can maintain the current momentum, it is quite possible to reach the target region of $57,500 to $60,000.”
The trader also warns that Bitcoin could retest the level around $44,000 after the halving event. “Following the halving, there is a possibility of rechecking support before testing historical highs. However, expectations may be too high ahead of positive fundamental events such as the halving. This could lead to excessive optimism, positive sentiment and bullish speculation. “When we reach these price levels, there is a possibility of a decline towards the $ 44,000 level, along with the reaction of the stock market.” In the last 24 hours, Bitcoin has fallen slightly from the $49,604 level.
