Cryptocurrency analyst Kevin Svenson warns of a potential significant correction for Bitcoin (BTC) after it reaches $60,000.
Key Points:
- Svenson believes Bitcoin could see a 25% drop after the halving event in mid-April.
- A post-halving dip scenario back to $44,000 is a possibility.
- Short-term momentum remains bullish due to the upcoming halving.
- Bitcoin could still fall below $50,000 without invalidating the bullish thesis.
Halving Event and Market Impact:
- The halving event, which reduces Bitcoin’s block reward by half, is expected to occur in mid-April.
- Svenson suggests that the halving could trigger a short-squeeze target of $60,000, followed by a post-halving dip.
Short-Term Outlook:
- Svenson maintains a bullish outlook for Bitcoin in the short term due to the halving’s impact.
- He believes the momentum will continue until the halving.
- A drop below $50,000 would still be considered a constructive pullback and not invalidate the bullish thesis.
Current Market Conditions:
- At the time of writing, Bitcoin is trading at $50,936.
Disclaimer: Opinions expressed are not investment advice. Investors should do their due diligence before making any high-risk investments. FastPayCrypto does not recommend buying or selling any cryptocurrencies or digital assets.
