Cryptocurrency analyst and trader Kevin Svenson is forecasting the potential path forward for Bitcoin (BTC) over the coming weeks and months.
Svenson tells his 71,300 YouTube subscribers that the S&P 500, an index tracking the stock performance of the largest 500 listed companies in the US, has previously served as a leading indicator for Bitcoin ahead of reaching a new all-time high.
“The S&P is always leading Bitcoin on the all-time high breaks. And this is a good sign because Bitcoin is still 40% below its all-time high and the S&P is right near its all-time high.
So if you look back in time, the second halving [2016], the S&P 500 broke its all-time high during the second halving and about seven months later, Bitcoin broke its all-time high. That was about a seven-month difference.
And the third halving [2020], the most recent halving, the S&P broke its all-time high and about four months later, Bitcoin broke its all-time high.”
On what Bitcoin is likely to do as the S&P 500 index hovers just below its all-time high of 4,796 points reached on January 3rd of 2022, Svenson says,
“Bitcoin is likely, I would say, less than half a year away, probably about four months away from its all-time high.
So if the S&P breaks its all-time high, well, we can be pretty sure that Bitcoin is just months away from doing the same thing and then we would be off into this bull market. That is at least what history shows us.”
Bitcoin is trading at $41,425 at time of writing.
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- Source: https://dailyhodl.com/2024/01/20/bitcoin-is-just-months-away-from-a-new-all-time-high-according-to-this-indicator-says-analyst-kevin-svenson/
