Cryptocurrency analyst and trader Kevin Svenson is warning that Bitcoin (BTC) could undergo a significant correction after reaching a price last witnessed in November of 2021.
Svenson tells his 72,400 YouTube subscribers in a new video that even though he remains bullish on the flagship crypto asset, Bitcoin could fall by a little over 25% over the medium term from mid-April when the halving is expected to occur.
“I think we could see a big dip or a big correction would be after the halving running up towards our short-squeeze target of maybe $60,000, maybe a little bit of action above that and then a post-halving dip scenario back to $44,000 is a scenario that I am at least considering right now.”
Over the short term, Svenson says his outlook for Bitcoin suggests that,
“The momentum is still there and the reason why is because the halving is coming up. Likely we’re going to see continued momentum from the bulls going into the halving.”
According to Svenson, Bitcoin could still fall below $50,000 over the short term without invalidating the bullish thesis.
“Looking at the daily chart, even if Bitcoin came all the way back to $47,000 that would be previous resistance as new support. And while the bears would be screaming, this is just another constructive pullback and an exponential higher low.”
Bitcoin is trading at $50,936 at time of writing.
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- Source: https://dailyhodl.com/2024/02/22/analyst-issues-bitcoin-alert-says-btc-could-see-massive-dip-after-hitting-60000-heres-the-timeline/
