Cryptocurrency analyst and trader Kevin Svenson is warning that Bitcoin (BTC<\/a>) could undergo a significant correction after reaching a price last witnessed in November of 2021.<\/p>\n Svenson tells<\/a> his 72,400 YouTube subscribers in a new video that even though he remains bullish on the flagship crypto asset, Bitcoin could fall by a little over 25% over the medium term from mid-April when the halving is expected to occur.<\/p>\n \u201cI think we could see a big dip or a big correction would be after the halving running up towards our short-squeeze target of maybe $60,000, maybe a little bit of action above that and then a post-halving dip scenario back to $44,000 is a scenario that I am at least considering right now.\u201d<\/i><\/p>\n Over the short term, Svenson says his outlook for Bitcoin suggests that,<\/p>\n \u201cThe momentum is still there and the reason why is because the halving is coming up. Likely we\u2019re going to see continued momentum from the bulls going into the halving.\u201d<\/i><\/p>\n According to Svenson, Bitcoin could still fall below $50,000 over the short term without invalidating the bullish thesis.<\/p>\n \u201cLooking at the daily chart, even if Bitcoin came all the way back to $47,000 that would be previous resistance as new support. And while the bears would be screaming, this is just another constructive pullback and an exponential higher low.\u201d<\/i><\/p>\n Bitcoin is trading at $50,936 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>![\"\"](\"https:\/\/dailyhodl.com\/wp-content\/uploads\/2024\/02\/0221-BTC-KS-2.png\")
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