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Senior cryptocurrency analyst Kevin Svenson Bitcoin (BTC) issued a warning while the price is trading below its all-time high. The expert shared critical statements with investors through social media. Here is the expert view on Bitcoin from the crypto analyst!
Bitcoin and the Fear of Missing Out (FOMO)
Popular analyst Kevin Svenson, in his statements on YouTube, suggested that Bitcoin could face a significant correction shortly after recording its all-time high. The analyst stated the following in his remarks:
The most painful path is often the most likely one. And right now, the most painful path would be not giving a second chance, achieving the all-time high. Then, everyone who didn’t get involved shifts their FOMO to the new all-time high because they think it will go straight up, then they send the price back below the all-time high…
Price Analysis for BTC
FOMO, the acronym for the fear of missing out, describes the emotions that encourage investors and analysts to impulsively take long positions on an asset as its price rises. According to Kevin Svenson, Bitcoin could rise about 26% from its current level before reversing. In his final remarks, the analyst said:
It’s very likely that we will break the all-time high. And if we do, I would expect a quick rise to $84,000. And then swing back the newcomers who raised their FOMO to the next all-time high, but just below the all-time high. And then hit again for the biggest run of this cycle entering 2025. I think something along these lines is likely.
At the time of writing, Bitcoin is trading at $66,574. According to Kevin Svenson’s chart, the cryptocurrency analyst suggests that Bitcoin could fall to around $54,500 before continuing its upward trend.
