Cryptocurrency analyst and dealer Kevin Svenson is warning that Bitcoin (BTC) may bear a big correction after reaching a worth final witnessed in November of 2021.
Svenson tells his 72,400 YouTube subscribers in a brand new video that although he stays bullish on the flagship crypto asset, Bitcoin may fall by a bit over 25% over the medium time period from mid-April when the halving is predicted to happen.
“I believe we may see a giant dip or a giant correction could be after the halving operating up in the direction of our short-squeeze goal of possibly $60,000, possibly a bit little bit of motion above that after which a post-halving dip state of affairs again to $44,000 is a state of affairs that I’m a minimum of contemplating proper now.”
Over the quick time period, Svenson says his outlook for Bitcoin means that,
“The momentum continues to be there and the explanation why is as a result of the halving is arising. Doubtless we’re going to see continued momentum from the bulls going into the halving.”
In line with Svenson, Bitcoin may nonetheless fall under $50,000 over the quick time period with out invalidating the bullish thesis.
“Trying on the day by day chart, even when Bitcoin got here all the way in which again to $47,000 that will be earlier resistance as new assist. And whereas the bears could be screaming, that is simply one other constructive pullback and an exponential greater low.”
Bitcoin is buying and selling at $50,936 at time of writing.
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