Analyst Kevin Svenson predicts a significant correction for Bitcoin (BTC) after its recent rally.
FOMO Driving Market
Svenson believes that the recent surge in Bitcoin’s price is fueled by “FOMO” (fear of missing out), where investors rush to buy the asset as it continues to rise. He warns that this can lead to a sharp correction once the market realizes it has overextended itself.
Potential Price Targets
Svenson predicts that Bitcoin could rise to around $84,000 before reversing. He then expects a drop below the current all-time high of $69,000, possibly to around $54,500.
Long-Term Bullish Outlook
Despite the predicted correction, Svenson remains bullish on Bitcoin’s long-term prospects. He believes that the asset will eventually rally to new highs, possibly in 2025.
Caveat
Svenson’s predictions are based on his own analysis and should not be taken as investment advice. Investors should always conduct their own due diligence before making any investment decisions.
