Bitcoin is “a Couple of Months From a New All-Time High,” According to an Expert
Cryptocurrency expert Kevin Svenson recently shared his insights on the potential trajectory of Bitcoin (BTC) in the coming weeks and months.
According to Svenson, there seems to be a historical link between the movements of Bitcoin and the S&P 500, an index that tracks the stock performance of the largest 500 listed companies in the US. He points out that the S&P 500 has consistently served as a precursor to Bitcoin reaching new all-time highs.
Svenson notes that Bitcoin is currently lagging behind its all-time high by about 40%, while the S&P 500 is hovering close to its own peak. Reflecting on past events, he draws attention to the second halving in 2016, where the S&P 500 broke its all-time high, and seven months later, Bitcoin followed suit.
A similar pattern emerged during the third halving in 2020, with the S&P 500 hitting a new high, and about four months later, Bitcoin achieved its own record-breaking moment.
Commenting on Bitcoin’s potential actions as the S&P 500 sits just below its all-time high of 4,796 points, Svenson suggests that Bitcoin could be on track to reach its own all-time high within the next four months.
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Should the S&P 500 break its all-time high, Svenson speculates that this could signal Bitcoin’s imminent surge, leading the cryptocurrency into a bullish market trend.
This analysis is rooted in historical observations, providing an interesting perspective on the potential correlation between traditional stock indices and the performance of the leading cryptocurrency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
