Bitcoin Price Correction Warning: Analyst Says BTC Could Drop After $60K Mark

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.