Kevin Svenson, a prominent crypto analyst, has recently shared his 2024 price forecast for Bitcoin, providing a nuanced view of the expected trends in the coming months. Svenson’s analysis, which breaks down the year into distinct phases, offers a glimpse into the possible highs and lows that Bitcoin might experience.
His predictions paint a picture of a year marked by significant volatility, a characteristic trait of the crypto market.
Analyst Projected Bitcoin Phases In 2024
Svenson’s forecast is split into four key phases: a rally leading up to the BTC halving event, a subsequent downturn in Q2, a recovery in Q3, and a potential all-time high (ATH) before the year’s end. This phased approach underscores the cyclical nature of BTC’s price movements, heavily influenced by its halving events.
Notably, the Bitcoin halving, a process that reduces the reward for mining new blocks by half, effectively diminishing the new supply of Bitcoin, has historically been a key driver for price increases.
The upcoming BTC halving, projected by Svenson to occur later this year by April 15, 2024, is expected to be a significant catalyst for price movements. According to the analyst’s chart, BTC could witness a rally, pushing its price to around $60,000 before the halving event, followed by a pullback below the $47,500 region.
This pattern aligns with historical trends observed around previous Bitcoin halvings, where supply reduction typically leads to price increases, followed by corrections.
After the Q2 dip, Svenson anticipates a recovery phase in Q3, where Bitcoin is expected to regain its lost ground and potentially set a new all-time high (ATH) by the end of 2024.
#Bitcoin | Halving Price Action Forecast
Pump into Halving
Things to keep in mind: 1.) Markets take time. 2.) Volatility is the name of the game. pic.twitter.com/5SgaFK2IHb
— Kevin Svenson (@KevinSvenson_) February 5, 2024
BTC Current Trend And Potential Surge
Meanwhile, Bitcoin has fallen below the recently traded $43,000 mark. Though the asset is up 6.4% over the past two weeks, it has declined nearly 1% in the past day.
BTC’s daily trading volume, on the other hand, has jumped from below $10 billion to over $15 billion in the last few days.
Michaël van de Poppe, who heads MN Trading, anticipates a period of consolidation for Bitcoin in the forthcoming months. He suggests that the crypto’s value might oscillate between $ 48,000 and $50,000 as the halving event approaches.
My general theory is that #Bitcoin is consolidating in the coming months.
Pre-Halving a final run towards resistance at $48-50K, after that another correction to $36-38K and from there #Altcoins to continue outperforming Bitcoin. pic.twitter.com/sYiqpg3T93
— Michaël van de Poppe (@CryptoMichNL) February 3, 2024
Featured image from Unsplash, Chart from TradingView
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