Cryptocurrency analyst and dealer Kevin Svenson is forecasting the potential path ahead for Bitcoin (BTC) over the approaching weeks and months.
Svenson tells his 71,300 YouTube subscribers that the S&P 500, an index monitoring the inventory efficiency of the biggest 500 listed firms within the US, has beforehand served as a number one indicator for Bitcoin forward of reaching a brand new all-time excessive.
“The S&P is all the time main Bitcoin on the all-time excessive breaks. And it is a good signal as a result of Bitcoin remains to be 40% beneath its all-time excessive and the S&P is true close to its all-time excessive.
So when you look again in time, the second halving [2016], the S&P 500 broke its all-time excessive throughout the second halving and about seven months later, Bitcoin broke its all-time excessive. That was a couple of seven-month distinction.
And the third halving [2020], the latest halving, the S&P broke its all-time excessive and about 4 months later, Bitcoin broke its all-time excessive.”
On what Bitcoin is prone to do because the S&P 500 index hovers just under its all-time excessive of 4,796 factors reached on January third of 2022, Svenson says,
“Bitcoin is probably going, I’d say, lower than half a 12 months away, most likely about 4 months away from its all-time excessive.
So if the S&P breaks its all-time excessive, nicely, we may be fairly certain that Bitcoin is simply months away from doing the identical factor after which we’d be off into this bull market. That’s at the very least what historical past exhibits us.”
Bitcoin is buying and selling at $41,425 at time of writing.
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