Kevin Swenson: bitcoin could fall by 25% before halving

Cryptocurrency analyst and trader Kevin Swenson suggests that after the April halving, bitcoin BTC $56,459.08 Bitcoin -3.08% Market capitalization $1.11 trillion VOL. 24 hours $4.5 billion may repeat the trajectory of value fluctuations that industry players observed in April and November 2021.

The expert shared with his YouTube subscribers a forecast that in the medium term, there is an objective probability of a drop in the market value of Cryptocurrencies by more than 25%. The downward trend in the value of the flagship crypto asset may coincide with the halving of BTC.

«The scenario I’m considering right now is that at the time of the halving, we will see bitcoin soar to $ 60,000 or higher, followed by a correction to $ 44,000-$ 45,000,» Swenson said.

One of the main drivers of the growth in the value of BTC was the speculative expectations of crypto investors amid the impending reduction in the reward for miners. A significant decline and correction will resemble what happened in 2021, the crypto expert believes.

As of the morning of February 23, according to the analytical tracker CoinMarketCap, the market leader is down 0.9% and is trading at $ 51,286. The total supply of coins circulating on the market is $ 1 trillion. Traders made daily trading deals worth $ 24.3 billion. Bitcoin’s market share remains at 51.4%.