Renowned cryptocurrency connoisseur and trader Kevin Svenson prognosticates an imminent upswing for Bitcoin (BTC) in the forthcoming weeks. Additionally, the analyst divulged an anticipated date for the ascension of altcoins.
In a recent video disseminated via his YouTube channel, cryptocurrency savant and trader Kevin Svenson postulated that Bitcoin is poised for a meteoric trajectory, contingent upon the replication of a pattern observed months prior to the last block reward halving occurrence:
Bitcoin is presently delineating a superior trough along our parabolic curve, potentially catalyzing the ensuing prodigious bullish impetus towards $48k. Consequently, Bitcoin could theoretically appreciate a further 65 percent from this juncture, reaching the subsequent objective of $48,000. This 65 percent leap embodies an exceptional prospect, should it materialize.
The succeeding Bitcoin block reward halving is slated for early 2024.
Drawing on Bitcoin’s price fluctuations in the months preceding the antecedent block reward halving, Svenson anticipates substantial gains for altcoins subsequent to the preeminent cryptocurrency’s rally to just shy of $50,000.
Assuming Bitcoin’s dominance falters during the next surge towards $48k, that juncture is when I envision substantial altcoin escalations. This mirrors the events of 2019. My expectation entails Bitcoin’s dominance experiencing one final flourish before commencing a downtrend, ultimately ushering in the altcoin season.
Regarding the optimal moment for altcoins to commence their ascent, Svenson posited, “A period akin to June or July may present the most advantageous entry point for the altcoin market. Investors may even opt to act preemptively, should they wish to capitalize on this burgeoning concept.”