Benzinga - In a recent forecast, cryptocurrency analyst Kevin Svenson suggests that Bitcoin (CRYPTO: BTC) could reach new all-time highs before the upcoming halving. However, he also warns of potential downside risks following the event.
What Happened: Svenson told his nearly 73,000 YouTube subscribers that Bitcoin’s current upward trajectory could lead to new all-time highs before the halving event expected to happen in April.
"Anybody that wants to buy Bitcoin is probably going to buy Bitcoin before the halving, which is going to send the prices even higher, possibly to a new all-time high."
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At the time of reporting, Bitcoin was trading at $62,103, marking a 22.1% increase over the past 7 days. Svenson’s analysis, based on Fibonacci retracement and extension tools, suggests that Bitcoin could appreciate by 34% from its current level before experiencing a dip.
This would set a target of $83,000 for Bitcoin’s all-time high, followed by a retrace to around $48,000-$49,000 before the King Crypto finds support and continues its upward trend.
Svenson also warned that Bitcoin could face a significant sell-off after the halving. He suggested this could result in a “major sell-the-news event,” potentially driving the market down and creating a liquidity pool for accumulation below the all-time high.
Why It Matters: Svenson’s prediction aligns with recent market sentiments. Just days before, Alex Thorn, Head of Research at Galaxy Digital, predicted Bitcoin would reach a new all-time high within weeks, attributing the surge to an influx of institutional investments.
Veteran prop trader Peter Brandt also shared his bullish outlook, referring to Bitcoin’s unprecedented $19,000 gain in the past month as a “starting candle” for much larger gains.
Meanwhile, some investors are taking risky measures to capitalize on Bitcoin’s potential gains. A pseudonymous investor known as Sunny Po reportedly maxed out eight credit cards to buy Bitcoin.
Po's average Bitcoin price is a measly $37,443 – he has purchased 1.4488 Bitcoin worth $54,251. Based on current prices, his unrealized profit stands at $35,657 – a gain of nearly 66% already. "Maxed out every single card," he said emphatically.
Price Action: Bitcoin was trading 1.5% higher in the last 24 hours, according to Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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