Crypto analyst Kevin Svenson believes Bitcoin (BTC) could rise to a key resistance level ahead of the halving.
In a new strategy session the trader will tells According to its 72,000 YouTube subscribers, the flagship digital asset’s upward momentum could take it as high as $60,000 before the April halving, when miner rewards are halved.
“So the area between $57,500 and about $60,000, the liquidity target, is in my view the next major resistance area. And that’s the area I’m focused on as we enter the halving.
If we keep this momentum going, the momentum that we have now, the trajectory that we’re on, it’s not really a crazy idea that we could come up and hit that target zone between $57,500 and $60,000. It’s actually very likely.”
The trader also warns that Bitcoin could retest the level around $44,000 after the halving.
“After the halving, there is a possibility that we will get a dip to retest support before we actually test new record highs.
But as we enter the halving there will be a lot of anticipation and anticipating positive fundamental events such as the halving will likely lead to a lot of optimism, positive sentiment, bullish speculation and depending on what the stock market does there is a possibility of a post-halving dip to that $44,000 level before moving back up.”
Bitcoin is trading at $49,604 at the time of writing, down slightly in the past 24 hours.
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Generated image: Midjourney