2024

Kevin

Bitcoin

April

Kevin Svenson, a prominent crypto analyst, has recently <a href="https://twitter.com/KevinSvenson_/status/1754362089680912411?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">shared</a> his 2024 price forecast for Bitcoin, providing a nuanced view of the expected trends in the coming months. Svenson’s analysis, which breaks down the year into distinct phases, offers a glimpse into the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-280000-next-year-hedge-fund/" target="_blank" rel="noopener ">possible highs</a> and lows that Bitcoin might experience. 
His predictions paint a picture of a year marked by significant volatility, a characteristic trait of the crypto market. 
<h2 id="analyst-projected-bitcoin-phases-in-2024">Analyst Projected Bitcoin Phases In 2024</h2> 
Svenson’s forecast is split into four key phases: a rally leading up to the BTC halving event, a subsequent downturn in Q2, a recovery in Q3, and a potential all-time high (ATH) before the year’s end. This phased approach underscores the cyclical nature of BTC’s price movements, heavily influenced by its halving events. 
Notably, the Bitcoin halving, a process that reduces the reward for mining new blocks by half, effectively diminishing the new supply of Bitcoin, has historically been a key driver for <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-range-42250/" target="_blank" rel="noopener ">price increases</a>. 
The upcoming BTC halving, projected by Svenson to occur later this year by April 15, 2024, is expected to be a significant catalyst for price movements. According to the analyst’s chart, BTC could witness a rally, pushing its price to around $60,000 before the halving event, followed by a pullback below the $47,500 region. 
<img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GFi9bflWkAAtzbn?format=png&amp;name=900x900" alt="Bitcoin price moves before and after halving " width="787" height="662"> 
This pattern aligns with historical trends observed around previous Bitcoin halvings, where supply reduction typically leads to price increases, followed by corrections. 
After the Q2 dip, Svenson anticipates a recovery phase in Q3, where Bitcoin is expected to regain its lost ground and potentially set a new all-time high (ATH) by the end of 2024. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> | Halving Price Action Forecast 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/25aa.png" alt="▪" class="wp-smiley" style="height: 1em; max-height: 1em;"> Pump into Halving <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/25aa.png" alt="▪" class="wp-smiley" style="height: 1em; max-height: 1em;"> Dump into Q2 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/25aa.png" alt="▪" class="wp-smiley" style="height: 1em; max-height: 1em;"> Pump into Q3 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/25aa.png" alt="▪" class="wp-smiley" style="height: 1em; max-height: 1em;"> ATH before EOY 
 Things to keep in mind: 1.) Markets take time. 2.) Volatility is the name of the game. <a href="https://t.co/5SgaFK2IHb" target="_blank" rel="noopener nofollow">pic.twitter.com/5SgaFK2IHb</a> 
 — Kevin Svenson (@KevinSvenson_) <a href="https://twitter.com/KevinSvenson_/status/1754362089680912411?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 5, 2024</a>
</blockquote> 
<h2 id="btc-current-trend-and-potential-surge">BTC Current Trend And Potential Surge</h2> 
Meanwhile, Bitcoin has fallen below the recently traded $43,000 mark. Though the asset is up 6.4% over the past two weeks, it has declined nearly <a href="https://www.newsbtc.com/news/bitcoin/why-is-bitcoin-price-not-going-up-despite-etfs/" target="_blank" rel="noopener ">1% in the past day</a>. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/onaPHTCO/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1556"> 
BTC’s <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-buzz-accumulation-trend-peaks-at-a-3-year-high-whats-driving-the-surge/" target="_blank" rel="noopener ">daily trading volume</a>, on the other hand, has jumped from below $10 billion to over $15 billion in the last few days. 
Michaël van de Poppe, who heads MN Trading, <a href="https://www.newsbtc.com/news/the-50k-quest-bitcoin-oracles-pre-halving-proclamation-sparks-excitement/" target="_blank" rel="noopener ">anticipates a period of consolidation</a> for Bitcoin in the forthcoming months. He suggests that the crypto’s value might oscillate between $ 48,000 and $50,000 as the halving event approaches. 
<blockquote class="twitter-tweet"> 
 My general theory is that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> is consolidating in the coming months. 
 Pre-Halving a final run towards resistance at $48-50K, after that another correction to $36-38K and from there <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Altcoins</a> to continue outperforming Bitcoin. <a href="https://t.co/sYiqpg3T93" target="_blank" rel="noopener nofollow">pic.twitter.com/sYiqpg3T93</a> 
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1753867199486611710?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 3, 2024</a>
</blockquote> 
Featured image from Unsplash, Chart from TradingView

Bitcoin’s 2024 Forecast: Analyst Predicts $60,000 Surge Before Halving And New ATH By Q4

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