Kevin Svenson, a well-known cryptocurrency analyst, recently said: share His 2024 Bitcoin price prediction provides a nuanced view of the trends to expect in the coming months. Svensson’s analysis breaks down the year into distinct stages, offering a glimpse into the highs and lows Bitcoin may experience.
His prediction paints a picture of a year marked by the significant volatility that characterizes crypto markets.
Analysts predict Bitcoin phase will begin in 2024
Svensson’s predictions are divided into four main stages: a rise leading up to the BTC halving, followed by a decline in the second quarter, a recovery in the third quarter, and a possible all-time high (ATH) before the year-end. There is. This step-by-step approach highlights the cyclical nature of BTC price movements, which are heavily influenced by halving events.
In particular, Bitcoin halving, a process that reduces the reward for mining new blocks by half, effectively reducing the new supply of Bitcoin, has historically been a major driver of price increases.
The upcoming BTC halving, which Svensson predicts to occur later this year by April 15, 2024, is expected to be a key catalyst for price movements. According to analyst charts, BTC could witness an upswing, pushing the price to around $60,000 before the halving, and then fall to levels below the $47,500 area.
This pattern is consistent with historical trends observed around previous Bitcoin halvings, where a decrease in supply typically leads to a rise in price, followed by a correction.
After a steep decline in the second quarter, Svensson expects a recovery phase in the third quarter, predicting that Bitcoin could regain lost ground and reach a new all-time high (ATH) by the end of 2024. are doing.
#bitcoin | Halving price behavior prediction
▪ Pump to half-life
▪ Dumped in Q2
▪ Pump to third quarter
▪ ATH before EOY
Things to note:
1.) Markets take time.
2.) Volatility is the name of the game. pic.twitter.com/5SgaFK2IHb
— Kevin Svenson (@KevinSvenson_) February 5, 2024
BTC Current Trends and Potential Surge
Meanwhile, Bitcoin has fallen below the $43,000 level it recently traded at. The asset has risen 6.4% in the past two weeks, but has fallen nearly 1% in the past day.
Meanwhile, BTC’s daily trading volume has surged from less than $10 billion to more than $15 billion in recent days.
Michael van de Poppe, head of MN Trading, expects a period of stability for Bitcoin in the coming months. He suggested that the value of the cryptocurrency could fluctuate between $48,000 and $50,000 as the halving approaches.
My general theory is as follows #bitcoin It will be integrated in the coming months.
Thereafter another correction to $36,000-38,000 and from there before halving the final rise towards resistance at $48,000-50,000. #altcoin It will continue to outperform Bitcoin. pic.twitter.com/sYiqpg3T93
— Michael van de Poppe (@CryptoMichNL) February 3, 2024
Featured image from Unsplash, chart from TradingView