Analyst Predicts a $90K Bitcoin Target Before April’s Halving

Well-known crypto analyst Kevin Svenson, has made a bold prediction about Bitcoin’s (BTC) price movement ahead of its next halving event. Svenson believes that Bitcoin is on the verge of reaching a new all-time high, potentially moving to the $90,000 level. This forecast comes as Bitcoin approaches the fourth stage of its current parabolic curve, a phase known for increased volatility and a stair-step pattern of growth.

Svenson uses a combination of Fibonacci retracement and extension tools to arrive at his $83,000 target (and above) for Bitcoin. He predicts a temporary pullback to the $48,000-$49,000 range before Bitcoin resumes its climb. Despite this optimistic outlook, Svenson warns of a possible short-term sell-off following the halving in April. He anticipates that this event could lead to a brief dip below Bitcoin’s previous peak, followed by the formation of a new accumulation zone as the market stabilizes.

The analyst underscores the growing enthusiasm among investors as the halving draws near, with many looking to buy into Bitcoin in anticipation of further price increases. However, Svenson also cautions that this heightened buying activity could lead to temporary limitations on Bitcoin’s price growth. He further discusses the potential for a “sell-the-news” event post-halving, which might temporarily push prices down before another bullish trend takes hold.

In his analysis, Svenson also sheds light on the risks and uncertainties that come with such significant market events. While optimistic about Bitcoin’s potential to reach new heights, he remains cautious about the challenges that lie ahead, especially in the short term following the halving.

In the past few days since reaching new all time highs, Bitcoin’s price has “dipped” about 10%  and is trading at $65,724 according to CoinMarketCap data. Nevertheless, this “first dip of the cycle” is expected and therefore an excellent time to buy according to Svenson.