Positive Forecast from Kevin Svenson on Bitcoin Halving
You can expect a surge in Bitcoin’s value leading up to the impending halving event, according to analyst Kevin Svenson. He draws reference from the first three Bitcoin halving events, highlighting a common theme in terms of price action.
Second Quarter Dump Likely
Svenson warns that after the halving, Bitcoin’s value might drop in the second quarter, based on the historical trend. This careful view understands how different factors in the market work together and gets ready for an important time in the cryptocurrency market.
Predicted Rise in Third Quarter
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. He also suggests that Bitcoin could reach its All-Time High by the close of the year.
Svenson’s Crypto Advice
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.
Hot Take: Optimistic Outlook for Bitcoin
Overall, Svenson’s analysis suggests a positive price action for Bitcoin leading up to and following the halving event, with the possibility of a significant rise later in the year.
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