A renowned analyst Kevin Svenson recently shared his thoughts on Bitcoin halving price action. His insights combine a positive outlook with a realistic understanding of how the market works.
Svenson’s forecast begins on a positive note, foreseeing a surge in Bitcoin’s value leading up to the impending halving event. As he drew reference from the first three Bitcoin halving events, highlighting a common theme in terms of price action.
In the first and second halving events, Bitcoin’s price surged from $2.48 and $269 a year before each event, reaching highs of $1,131 and $2,518 about a year later. The third halving in 2020 followed a similar trend, with prices moving from $7,255 to a high of $56,615 a year later.
As we approach the current halving cycle, Bitcoin’s upward trend suggests it may surpass its $69,000 all-time high, presenting a bullish outlook.
Dump Expected in Q2
Looking at the historical trend, Svenson warns that after the halving, Bitcoin’s value might drop in the second quarter. This careful view understands how different factors in the market work together and gets ready for an important time in the cryptocurrency market.
Svenson’s forecast looks brighter as he thinks Bitcoin’s value will go up in the third quarter. This might happen because of the upcoming U.S. Election in September 2024. The result of the election can affect the crypto market, especially if a crypto-friendly president gets elected.
Expanding on his bold predictions, Svenson suggests that Bitcoin could reach its All-Time High by the close of the year.
Svenson Crypto Advise
Amidst the excitement, Svenson highlights the importance of patience in the ever-changing crypto world. He understands that digital currency markets take time to move.
As of now, Bitcoin’s value hovers around $43,090 BTC, with an increase of 23.36% in trading volume worth $14.8 Billion.