Bitcoin has been experiencing a downward trend not too long ago, dropping from its 2023 all-time excessive of about $49,000 to under $41,000 on the time of writing. Despite this important worth correction, standard crypto analyst Kevin Svenson has predicted a brand new all-time excessive for BTC within the months after the 2024 Bitcoin halving.
Bitcoin Anticipated To Hit New All-Time High
Svenson launched a YouTube video final week, predicting that BTC’S new all-time excessive is ready for June 2024. Despite the hype surrounding the approval and launch of Spot Bitcoin ETFs, the crypto analyst revealed that Bitcoin has been witnessing important declines and is at the moment approaching the crucial worth degree of $40,200.
The crypto analyst in contrast Bitcoin’s worth actions with the latest inventory market patterns. Last Friday, Wall Street shares, notably the S&P 500 index, achieved an all-time excessive of 4,839.81, surpassing its earlier file in January 2022.
Svenson identified a significant correlation between Bitcoin and the S&P 500 index within the months main as much as and following the Bitcoin halving. According to the crypto analyst, the final three Bitcoin halvings illustrated a key worth sample for BTC because the inventory market hit its all-time excessive.
The analyst defined that after the primary Bitcoin halving in November 2012, the S&P 500 index hit its all-time excessive, and BTC adopted after, recording an all-time high two months later.
Additionally, within the second halving in July 2016, the S&P 500 index achieved a file excessive, after which Bitcoin hit an all-time excessive about seven-and-a-half months later. In the third halving in May 2020, the S&P 500 index broke its all-time excessive in August, with BTC following swimsuit about 4 months later.
Svenson has advised that these outcomes reveal a novel correlation between the price of BTC and the S&P 500 index in the course of the halving phases. Using the common time distinction noticed within the three halving occasions, he projected the timeline for Bitcoin’s all-time excessive within the upcoming halving in April 2024.
According to the crypto analyst, BTC is predicted to attain a brand new file excessive in roughly four-and-a-half months after the S&P 500 index hits its personal all-time excessive.
BTC Overcomes Critical Price Level
In his video, Svenson disclosed that BTC has efficiently bounced off the crucial worth degree of $40,200. He revealed that the cryptocurrency had achieved this feat across the identical time the S&P 500 index had recorded its new all-time excessive.
“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 stated.
It’s essential to notice that on the time of writing, the price of Bitcoin was buying and selling at $40,832, reflecting a 2.06% decline in simply 24 hours, in keeping with CoinMarketCap. The crypto analyst warned that if BTC had failed to beat the crucial assist degree, it may have triggered major bearish signals.
Svenson additionally famous that the latest features within the inventory market offered a constructive growth for each Bitcoin and altcoins within the crypto market. He said that the inventory market’s new all-time excessive would allow Bitcoin to successfully safe its crucial place whereas additionally probably influencing speculator sentiment positively inside the crypto house.
BTC worth recovers above $41,000 | Source: BTCUSD on Tradingview.com
Featured picture from Bitcoinsensus, chart from Tradingview.com
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