Analyst and trader Kevin Svenson is issuing a warning on Bitcoin (BTC) as the flagship crypto asset hovers below its all-time high price.
Svenson tells his 73,100 YouTube subscribers in a new video that Bitcoin could undergo a significant correction shortly after recording a new all-time high.
“The path of most pain is the most likely. And right now the most painful route to take would be to give no second chances, punch up to a major new all-time high zone. And then once everybody that wasn’t in, that was sidelined FOMOs into the new all-time high because they think we’re going to go straight up, then send the price down back below the all-time high…”
FOMO, the acronym for fear of missing out, refers to the emotions that can tempt investors and traders to impulsively go long on an asset as its price keeps going higher.
According to Svenson, Bitcoin could surge by around 26% from the current level before reversing.
“It’s very likely that we’re going to break the all-time high. And if we do, I would expect a swift move up to something like $84,000. And then once all the newcomers FOMO in the next all-time high, shake them back out but right below the all-time high. And then punch it again for the major major run of this cycle going into 2025. Something along these lines is what I would think is likely.”
Bitcoin is trading at $66,574 at time of writing.
Source: Kevin Svenson/YouTube
Based on Svenson’s chart, it seems the crypto analyst is suggesting that Bitcoin could drop to around $54,500 before resuming the uptrend.
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