Crypto Strategist: Bitcoin Could Reach $60,000 Before Halving Event
Crypto analyst Kevin Svenson believes that Bitcoin (BTC) has the potential to rally to a key resistance level before the upcoming halving event. In a recent strategy session, Svenson suggests that Bitcoin’s upward momentum could take it to $60,000 before the halving event in April, where miners’ rewards are reduced by half.
The Next Major Resistance Area
Svenson identifies the area between $57,500 and $60,000 as the next major resistance level. He believes that if Bitcoin continues its current momentum and trajectory, hitting this target zone is quite likely.
A Warning for Post-Halving
However, Svenson warns that after the halving event, Bitcoin could experience a dip and retest the support level around $44,000. He explains that there may be anticipation and positive sentiment leading up to the halving, but depending on the stock market’s performance at that time, a post-halving dip is possible before another upward movement.
At present, Bitcoin is trading at $49,604 with a slight decrease in the last 24 hours.
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