Hold On For Four Months: Analyst Predicts When Bitcoin Price Will Reach New ATH
22 Gennaio 2024 - 8:00PM
NEWSBTC
Bitcoin has been experiencing a downward trend recently, dropping
from its 2023 all-time high of about $49,000 to below $41,000 at
the time of writing. Despite this significant price correction,
popular crypto analyst Kevin Svenson has predicted a new all-time
high for BTC in the months after the 2024 Bitcoin halving.
Bitcoin Anticipated To Hit New All-Time High Svenson released a
YouTube video last week, predicting that BTC’S new all-time high is
set for June 2024. Despite the hype surrounding the approval and
launch of Spot Bitcoin ETFs, the crypto analyst revealed that
Bitcoin has been witnessing significant declines and is currently
approaching the critical price level of $40,200. Related
Reading: How To Buy, Sell, And Trade Tokens On The Avalanche
Network The crypto analyst compared Bitcoin’s price movements with
the recent stock market patterns. Last Friday, Wall Street stocks,
particularly the S&P 500 index, achieved an all-time high of
4,839.81, surpassing its previous record in January 2022.
Svenson pointed out a significant correlation between Bitcoin and
the S&P 500 index in the months leading up to and following the
Bitcoin halving. According to the crypto analyst, the last three
Bitcoin halvings illustrated a key price pattern for BTC as the
stock market hit its all-time high. The analyst explained that
after the first Bitcoin halving in November 2012, the S&P 500
index hit its all-time high, and BTC followed after, recording an
all-time high two months later. Additionally, in the second
halving in July 2016, the S&P 500 index achieved a record high,
after which Bitcoin hit an all-time high about seven-and-a-half
months later. In the third halving in May 2020, the S&P 500
index broke its all-time high in August, with BTC following
suit about four months later. Svenson has suggested that these
results reveal a unique correlation between the price of BTC and
the S&P 500 index during the halving phases. Using the average
time difference observed in the three halving events, he projected
the timeline for Bitcoin’s all-time high in the upcoming halving in
April 2024. According to the crypto analyst, BTC is expected
to achieve a new record high in approximately four-and-a-half
months after the S&P 500 index hits its own all-time
high. BTC Overcomes Critical Price Level In his video,
Svenson disclosed that BTC has successfully bounced off the
critical price level of $40,200. He revealed that the
cryptocurrency had achieved this feat around the same time the
S&P 500 index had recorded its new all-time high.
“Bitcoin is already bouncing, the weekly is now back in the green,
and the daily chart, the daily candle is now also back in the
green,” Svenson said. Related Reading: Terra Classic Community
Burns A Staggering 700 Million LUNC And 230,000 USTC – Details It’s
important to note that at the time of writing, the price of Bitcoin
was trading at $40,832, reflecting a 2.06% decline in just 24
hours, according to CoinMarketCap. The crypto analyst warned that
if BTC had failed to overcome the critical support level, it could
have triggered major bearish signals. Svenson also noted that
the recent gains in the stock market presented a positive
development for both Bitcoin and altcoins in the crypto market. He
stated that the stock market’s new all-time high would enable
Bitcoin to effectively secure its critical position while also
potentially influencing speculator sentiment positively within the
crypto space. BTC price recovers above $41,000 | Source: BTCUSD on
Tradingview.com Featured image from Bitcoinsensus, chart from
Tradingview.com
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