Renowned cryptocurrency analyst and trader Kevin Svenson has put forth a compelling prediction, suggesting that Bitcoin (BTC) may emulate the bullish trajectory of the S&P 500, potentially leading to a new all-time high.
In his recent YouTube video titled “BITCOIN WILL FOLLOW S&P 500 INTO ALL TIME HIGHS,” Svenson explores the correlation between Bitcoin’s performance and the S&P 500, emphasizing the consistent trend where the S&P 500 precedes Bitcoin in achieving all-time high breaks. Notably, he points out that Bitcoin is still below 40% of its all-time high, while the S&P 500 approaches its peak.
Svenson’s analysis delves into market trends and indicators, leading him to speculate that Bitcoin could undergo a substantial surge in the coming months, mirroring the record-breaking momentum of the S&P 500.
The key factor in Svenson’s projection is the S&P 500’s position, which he sees as a promising indicator for Bitcoin’s future performance. He suggests that Bitcoin might be just months away from reaching a new all-time high, aligning with the upward momentum of the S&P 500.
Referring to his analysis, Svenson notes the possibility of Bitcoin experiencing upward movement before the next Bitcoin Halving, drawing attention to a historical pattern where a dip precedes a bull run leading up to previous Bitcoin Halving events.
He highlights the potential for Bitcoin to follow the S&P 500’s lead if it surpasses its all-time high. In October, Svenson had already predicted that Bitcoin’s value could surge to $70,000, contingent on specific key developments.
Svenson’s forecast relies on data-driven insights and significant market shifts, including the crucial resistance level of $32,000, increased price volatility post-establishment of $32,000, and the recent approval of the spot Bitcoin ETF.
Acknowledging potential significant price fluctuations, especially around the $32,000 mark, Svenson suggests that the cryptocurrency market could witness Bitcoin breaking past the $70,000 threshold.
While market patterns play a role in Svenson’s forecast, he also highlights the approval of the spot Bitcoin ETF as a contributing factor. As Bitcoin remains on a volatile journey, Svenson’s insights add to the ongoing speculation around Bitcoin’s potential trajectory, with the upcoming Bitcoin halving in 2024 adding another layer of anticipation to the market dynamics.
As of the latest update, Bitcoin is trading at approximately $41,617, with a market cap exceeding $815 billion, according to CoinGecko.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
