“The path of most pain is the most likely. Now the most painful route is not to give second chances, which means we immediately skyrocket to a new all-time high zone. As soon as everyone gets in with FOMO, the price will fall below the all-time high again,” is Kevin Svenson’s prediction.
The path of most pain
FOMO stands for fear of missing out, the fear of missing the boat. This will undoubtedly already be present in Bitcoin to some extent. But Svenson is right that many people are expecting this resistance around the all-time high, which may be causing them to sell.
Precisely for that reason, it would not be surprising at all if Bitcoin jumped over the top in the next attempt, only to fall again after everyone had responded to that rise by getting in.
According to Svenson, the bitcoin price could rise by 26 percent from current levels before starting a new decline.
“It is very likely that we will break the all-time high. If we do that, I expect a quick upward move towards the $84,000 level.
As soon as all newcomers enter the market, they will be hit hard,” says Kevin Svenson.
Bitcoin price of 54,500 dollars approaching?
According to Svenson, that decline will take us to the level of $54,500 per bitcoin. From current prices, that would already mark a significant drop, because at the time of writing Bitcoin is moving towards $67,000 again.
Bitcoin has risen more than 1 percent in the past hour, slowly returning bullish momentum for the market’s largest digital currency.
In that respect, the next two days will probably be important, because trading in the Spot Bitcoin ETFs is still open. These will of course not be available this weekend, which means that we will have to wait until Monday before the ETFs will attract new capital.
Source: https://bitcoinmagazine.nl/nieuws/analist-bitcoin-gaat-voorbij-zijn-all-time-high-blazen-naar-84-000-en-daarna-dalen
