Kevin Svenson Predicts Bitcoin’s Volatile Journey Through 2024

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Kevin Svenson, an esteemed crypto analyst, has recently unveiled his predictions for Bitcoin’s trajectory in the year 2024. His projection provides an intricate roadmap of Bitcoin’s potential highs and lows over the ensuing months, delineating a year brimming with the kind of volatility for which the crypto market is well known.

Svenson has parsed the year’s forecast into four distinct phases, echoing the sentiments that Bitcoin’s value is a cyclical beast, often swayed by internal mechanisms such as the much-anticipated halving events. His delineation lays out a timeline that begins with a surge leading into the Bitcoin halving, a bearish turnaround entering the second quarter, a climb back to form in the third, and culminating potentially in an All-Time High (ATH) as the calendar rounds out the year.

The halving of Bitcoin—a mechanism that slashes the miners’ block rewards by fifty percent—is traditionally a precursor to an escalated price point, as it limits the influx of new Bitcoin into the market. Svenson projects that ahead of the impending halving event, anticipated around April 15, 2024, Bitcoin will experience a significant rally, with its value soaring as high as $60,000. However, he anticipates a subsequent pullback that might slide the cryptocurrency below the $47,500 threshold.

Svenson’s forecast echoes the historical ebb and flow associated with previous halvings, where a supply shock often results in a bullish trend, trailed by inevitable corrections.

Svenson posits that following the second quarter’s trough, the third will usher in a recovery, affording Bitcoin the thrust it needs to potentially surpass its previous zenith before the curtain closes on 2024.

As of the latest updates, Bitcoin’s performance has seen it dip beneath the $43,000 mark, wading through a 6.4% increase over the preceding fortnight, yet experiencing a near 1% retreat just yesterday. Despite the sideways movement in its pricing, Bitcoin’s daily trade volume has surged, transcending the $10 billion figure to exceed $15 billion in recent days.

Parallel to Svenson’s analysis, Michaël van de Poppe of MN Trading has posited a consolidation phase for Bitcoin in the months lying in wait. According to his assessment, Bitcoin could hover between $48,000 and $50,000 as it approaches the halving before undergoing another correction that could dip its value to the $36,000-$38,000 range, setting the stage for altcoins to outshine it in performance.

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Santiago Contreras has a degree in economic journalism from the Universidad de los Andes in Venezuela. He also has a master's degree in communication in organizations from the Complutense University of Madrid. In his extensive professional experience, he has practiced journalism for more than 25 years in audiovisual and print media, as a journalist, editor and editor-in-chief. He was a professor of journalism, advertising and marketing at the Universidad de los Andes. Currently, he combines his journalistic practice with his work as a professional writer and communication consultant.

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