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## Kevin Svenson’s Analysis on Bitcoin Price Movement

Kevin Svenson, an esteemed crypto analyst and professional trader, has put forth a bold prediction that Bitcoin (BTC) could potentially surge to a new all-time high exceeding $80,000 before the highly anticipated halving event. As Bitcoin enters the fourth stage of its current parabolic curve pattern, Svenson anticipates a surge in volatility. This specific pattern typically follows a staircase-like structure with four distinct levels, where the price tends to pause and fluctuate before continuing its upward trajectory.

With this projected surge in Bitcoin’s price, numerous investors are expected to swarm into the market in anticipation of reaping substantial profits from this bullish trend. However, Svenson also warns of potential short-term risks post-halving. He emphasizes the possibility of a significant sell-off following the April halving, which could potentially cause Bitcoin to momentarily dip below its previous peak before stabilizing in a new accumulation zone.

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## Svenson’s Price Target Analysis: Bitcoin at $83,000?

Utilizing sophisticated Fibonacci retracement and extension tools for technical analysis, Svenson proposes a potential price target of $83,000 for Bitcoin, reflecting a remarkable milestone in the digital asset realm. Furthermore, he anticipates a retracement to approximately $48,000-$49,000 before Bitcoin resumes its upward trajectory, showcasing the potential for significant gains in the near future.

However, Svenson cautions that Bitcoin could face downward pressure post the scheduled April halving. He mentions the possibility of a substantial ‘sell-the-news’ event following the halving, which might drive prices below the all-time high momentarily. Svenson also underscores the potential for a market turnaround and the emergence of an accumulation zone below the peak before witnessing another upward surge, highlighting the cyclical nature of the crypto market.

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## Bitcoin’s Trajectory Post-Halving Event

The Bitcoin halving event stands as a watershed moment in the cryptocurrency market, with far-reaching implications for both Bitcoin and altcoins. As the halving reduces the rewards miners receive for validating transactions on the Bitcoin network, its effects reverberate throughout the entire crypto market, exerting influence on price movements across various digital assets.

In November 2023, notable figure “Wolf Of All Streets” Scott Melker aligned with Standard Chartered Bank’s prediction of Bitcoin (BTC) ascending to $100,000 by the conclusion of 2024. This optimistic forecast was fueled by the anticipated approval of U.S.-based spot Bitcoin ETFs alongside the upcoming halving event. Standard Chartered Bank stands by its April forecast, affirming that Bitcoin (BTC) is poised to breach the $100,000 threshold by the end of 2024.

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