Bitcoin Analyst Warns of Deep Correction as Bitcoin Rises - COINTURK NEWS
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Bitcoin Analyst Warns of Deep Correction as Bitcoin Rises

6:39 pm (20 days ago)
November 14, 2023

Kevin Svenson, a well-known cryptocurrency analyst known for his accurate predictions, has issued a warning of a deep correction for Bitcoin (BTC) during its upward trend. The analyst claims that such a correction is necessary for the largest cryptocurrency to be able to make strong rallies in the coming months.

Analyst Points Downward for Bitcoin in the Short Term

Cryptocurrency analyst Kevin Svenson stated on his personal account on the social media platform X that Bitcoin’s conversion of the previous resistance at $31,000 into support means a long-term rise for BTC. According to Svenson, this correction will prepare BTC for a sustainable rally in the coming year:

“I want to share the main outlines of the scenario where I predicted the retesting of the breakout zone. Contrary to what you might think, this scenario represents one of the best-case scenarios. It allows for indicators to reset, paves the way for constructive price movements, and sets the stage for a strong entry into 2024. What does this chart really say? It says an upward trend and a rise until 2024. I really don’t care about a possible drop. It’s just a buying opportunity.”

Looking at the price chart shared by the analyst, it is noticeable that Bitcoin is expected to touch the $31,000 level twice before approaching $40,000 at the beginning of 2024.

Bitcoin Sets a Date for $125,000: Early 2025

Svenson also listed the details of a long-term scenario for Bitcoin that he called “quite realistic.” To support this scenario, the analyst shared a chart showing that the largest cryptocurrency exceeded $125,000 at the beginning of 2025.

BTC is currently trading at $36,477 at the time of writing this article. A rise towards Svenson’s long-term target represents a significant upward move of over 240% for the largest cryptocurrency, making it quite remarkable.

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