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November 8, 2023

Bitcoin's Pre-Halving Surge: $60,000 Target and Corrective Moves

Emily Tremblay
Written byEmily TremblayWriter
Researched byNikos PapadopoulosResearcher

Introduction

A closely followed crypto strategist and trader believes that Bitcoin (BTC) is in the early stages of a parabolic surge.

Bitcoin's Pre-Halving Surge: $60,000 Target and Corrective Moves

The Pre-Halving Year

Crypto analyst Kevin Svenson explains that Bitcoin tends to go on a parabolic surge during its pre-halving year. The upcoming halving, scheduled for April 2024, is traditionally seen as a bullish catalyst as it cuts BTC miners' rewards in half.

The Formation of the Parabola

Svenson shares a chart indicating that Bitcoin could climb to as high as $60,000 a month before the next halving event. He emphasizes that the parabolic surge is already forming and highlights that parabolas typically form during every pre-halving period.

Corrective Moves on the Way

While Svenson is bullish on Bitcoin, he acknowledges that BTC will likely experience several corrective moves on its way to $60,000. He warns that quick dumps may occur to wipe out late longs along the way.

Two Bullish Scenarios

Svenson presents two bullish scenarios for Bitcoin's short-term moves. The first scenario involves Bitcoin continuing its upward trend to reach channel resistance at $36,850. The second scenario suggests that Bitcoin may fail to hold the point of control and fill the volume gap at $31,500 before continuing its uptrend.

Current Value

At the time of writing, Bitcoin is valued at $35,403.

Conclusion

Bitcoin is currently in the early stages of a parabolic surge, which is typical during its pre-halving year. While the future may not exactly mirror the chart, parabolas have historically formed during every pre-halving period. However, Svenson cautions that Bitcoin's journey to $60,000 will likely involve corrective moves and quick dumps. Despite this, he remains highly bullish on Bitcoin's long-term prospects. Investors should stay informed and exercise caution when making high-risk investments in Bitcoin or other cryptocurrencies.

About the author
Emily Tremblay
Emily Tremblay
About

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

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