In the video on January 19, 2024, Kevin Svenson shared his perspectives on Bitcoin’s price action.
Current Bitcoin Market Analysis
Svenson observed that Bitcoin has been relatively stable over the past month and a half, without any significant price drops. Post spot ETF approval, there was a temporary downside, but this may be just a phase. He sees $40,200 as a crucial level for Bitcoin, and breaking below this could lead to a 13% drop to $35,000, reaching oversold levels. However, he’s optimistic that any dip will be met with strong demand due to positive fundamental factors.
Relation to S&P 500
Svenson noticed a pattern where Bitcoin follows the S&P 500 in breaking all-time highs. He pointed out that the S&P 500 is currently near its all-time high, indicating a positive sign for Bitcoin. He predicts that Bitcoin could reach its all-time high within a few months, possibly in about four months, based on the S&P 500’s position.
Investment Strategy
Svenson recommends seeing any current or upcoming dips as buying opportunities with limited downside. He advises against selling in the hope of buying back lower and recommends holding onto Bitcoin, particularly if the S&P 500 breaks its all-time high, indicating a bullish momentum for Bitcoin.
Hot Take
Overall, Kevin Svenson’s analysis indicates that despite the recent price action, maintaining a positive outlook and seeing potential dips as opportunities may benefit your Bitcoin investment strategy. Always consider market factors when making your investment decisions.
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