Cryptocurrency Analyst Predicts Bitcoin’s Path to New All-Time High
Cryptocurrency analyst and trader Kevin Svenson believes that Bitcoin (BTC) is on track to reach a new all-time high in the near future. Svenson, who has a substantial following on YouTube, points to the S&P 500 index as a leading indicator for Bitcoin’s performance.
Svenson explains that historically, the S&P 500 has broken its all-time high before Bitcoin does. He cites previous instances, such as the second halving in 2016 and the third halving in 2020, where the S&P 500 reached new highs months before Bitcoin followed suit.
Currently, as the S&P 500 hovers just below its all-time high, Svenson predicts that Bitcoin is likely to reach its own all-time high within the next four months. He suggests that once the S&P 500 breaks its record, it will signal the start of a new bull market for Bitcoin.
At the time of writing, Bitcoin is trading at $41,425.
Hot Take: Bitcoin Poised for New All-Time High
Cryptocurrency analyst Kevin Svenson believes that Bitcoin’s path to a new all-time high is imminent. By analyzing the correlation between Bitcoin and the S&P 500 index, Svenson predicts that Bitcoin will follow the index’s lead and reach its own record within the next four months. This pattern has been observed during previous halvings, where the S&P 500 reached new highs before Bitcoin did. With Bitcoin currently trading at $41,425, investors are eagerly awaiting the breakthrough moment that could mark the start of a new bull market.
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