Crypto analyst Kevin Svenson believes Bitcoin (BTC) could rally to a key resistance level ahead of the halving event.
In a new strategy session, the trader tells his 72,000 YouTube subscribers that the flagship digital asset’s upward momentum could take it to $60,000 before the April halving event, when miners’ rewards are cut in half.
“So the area in between $57,500 and about $60,000, the trap liquidity target, that is the next major area of resistance in my opinion. And that is the area that I’m targeting as we’re moving into the halving.
If we keep up this momentum, the momentum that we have right now, the trajectory that we’re on, it’s not really that crazy of an idea that we would come up and hit that target zone in between $57,500 and $60,000. It’s quite likely actually.”
Source: Kevin Svenson/YouTube
The trader also warns that after the halving event, Bitcoin could retest the level around $44,000.
“After the halving, there’s a possibility that we get a dip to retest support before actually testing new all-time highs.
But going into the halving, there’s going to be a lot of anticipation and anticipation for positive fundamental events such as the halving is likely going to lead to a lot of optimism, positive sentiment, bullish speculation, and depending on what the stock market is doing when we get to these price levels, there is a possibility for a post halving dip to that $44,000 level before then going up once again.”
Bitcoin is trading for $49,604 at time of writing, a slight decrease in the last 24 hours.
Generated Image: Midjourney
