Bitcoin is experiencing a downward trend recently fell from an all-time high in 2023 of around $49,000 to less than $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 following the IPO. Bitcoin halving in 2024.
Bitcoin is expected to hit a new all-time high
Svenson released a YouTube video last week, to predict that BTC’s new all-time high is set for June 2024. Despite the hype surrounding the approval and launch of Spot Bitcoin ETFsthe crypto analyst revealed that Bitcoin has witnessed significant declines and is currently approaching the critical price level of $40,200.
The crypto analyst compared Bitcoin’s price movements to recent stock market patterns. Last Friday, Wall Street stocks, specifically the S&P 500 index, hit an all-time high of 4,839.81, surpassing the previous high set in January 2022.
Svenson pointed to one significant correlation between Bitcoin and the S&P 500 index in the months leading up to and following Bitcoin’s halving. According to the crypto analyst, the last three Bitcoin halvings illustrated a major price pattern for BTC as the stock market reached its all-time high.
The analyst explained that after Bitcoin’s first halving in November 2012, the S&P 500 index hit its all-time high, and BTC followed suit, hitting a record high. highest ever two months later.
Additionally, the S&P 500 index hit an all-time high during the second halving in July 2016, with Bitcoin hitting an all-time high about seven and a half months later. The third halving in May 2020 saw the S&P 500 index break its all-time high in August, with BTC following suit about four months later.
Svenson has suggested that these results reveal something unique correlation between the price of BTC and the S&P 500 index during the halving phases. Using the average time difference observed during the three halving events, he projected the timeline for Bitcoin’s all-time high in the United States. upcoming halving April 2024.
According to the crypto analyst, BTC is expected to hit a new all-time high in about four and a half months after the S&P 500 index hit its own all-time high.
BTC Overcomes critical price level
In his video, Svenson revealed that BTC has successfully crossed the critical price level of $40,200. He revealed that the cryptocurrency had achieved this feat around the same time that the S&P 500 index had recorded its new all-time high.
“Bitcoin is already bouncing, the weekly price is now back in the green, and the daily chart, the daily candle, is now also back in the green,” Svenson said.
It is important to note that at the time of writing the price of Bitcoin was trading at $40,832, reflecting a decline of 2.06% in just 24 hours, according to CoinMarketCap. The crypto analyst warned that if BTC had failed to overcome the critical support level, this could have happened major bearish signals.
Svenson also noted that recent gains in the stock market were a positive development for both Bitcoin and altcoins in the crypto market. He stated that the stock market’s new all-time high would allow Bitcoin to effectively secure its critical position while potentially positively impacting the sentiment of speculators within the crypto space.
BTC price recovers above $41,000 | Source: BTCUSD on Tradingview.com
Featured image of Bitcoinsensus, chart from Tradingview.com
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