9 months ago
41 ARTICLE AD
Kevin Svenson, a prominent crypto analyst, has recently shared his 2024 price forecast for Bitcoin, providing a nuanced view of the expected trends in the coming months. Svenson’s analysis, which breaks down the year into distinct phases, offers a glimpse into the possible highs and lows that Bitcoin might experience.
His predictions paint a picture of a year marked by significant volatility, a characteristic trait of the crypto market.
Analyst Projected Bitcoin Phases In 2024
Svenson’s forecast is split into four key phases: a rally leading up to the BTC halving event, a subsequent downturn in Q2, a recovery in Q3, and a potential all-time high (ATH) before the year’s end. This phased approach underscores the cyclical nature of BTC’s price movements, heavily influenced by its halving events.
Notably, the Bitcoin halving, a process that reduces the reward for mining new blocks by half, effectively diminishing the new supply of Bitcoin, has historically been a key driver for price increases.
The upcoming BTC halving, projected by Svenson to occur later this year by April 15, 2024, is expected to be a significant catalyst for price movements. According to the analyst’s chart, BTC could witness a rally, pushing its price to around $60,000 before the halving event, followed by a pullback below the $47,500 region.
Bitcoin price moves before and after halving, as projected by Kevin Svenson
This pattern aligns with historical trends observed around previous Bitcoin halvings, where supply reduction typically leads to price increases, followed by corrections.
After the Q2 dip, Svenson anticipates a recovery phase in Q3, where Bitcoin is expected to regain its lost ground and potentially set a new all-time high (ATH) by the end of 2024.
#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
BTC Current Trend And Potential Surge
Meanwhile, Bitcoin has fallen below the recently traded $43,000 mark. Though the asset is up 6.4% over the past two weeks, it has declined nearly 1% in the past day.
BTC’s daily trading volume, on the other hand, has jumped from below $10 billion to over $15 billion in the last few days.
Michaël van de Poppe, who heads MN Trading, anticipates a period of consolidation for Bitcoin in the forthcoming months. He suggests that the crypto’s value might oscillate between $ 48,000 and $50,000 as the halving event approaches.
My general theory is that #Bitcoin is consolidating in the coming months.
Pre-Halving a final run towards resistance at $48-50K, after that another correction to $36-38K and from there #Altcoins to continue outperforming Bitcoin. pic.twitter.com/sYiqpg3T93
— Michaël van de Poppe (@CryptoMichNL) February 3, 2024
Featured image from Unsplash, Chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
