Kevin Svenson, a well-known cryptocurrency analyst and trader, has made a compelling prediction about Bitcoin's (BTC) potential performance relative to the S&P 500.
Bitcoin’s potential is rising to a new all-time high
In his YouTube video titled “BITCOIN WILL FOLLOW S&P 500 INTO ALL TIME HIGHS,” Svenson discusses the possibility of Bitcoin reaching new all-time highs, draws parallels with the performance of the S&P 500, and explains that the S&P has consistently led Bitcoin overall is breaking through, and that's promising as Bitcoin is still below 40%, its all-time high, while the S&P is nearing its peak.
This prediction is based on his analysis of market trends and indicators that suggest Bitcoin could see a significant increase in the coming months, potentially mirroring the S&P 500's record highs.
According to Svenson, the position of the S&P 500 is a key factor in his forecast for Bitcoin's future performance. He suggests that Bitcoin could be just months away from a new all-time high, consistent with the S&P 500's upward momentum.
According to his analysis, there is a possibility that Bitcoin will see another bullish move before the next Bitcoin halving. He also noted a historical pattern where a decline occurred before a bull run before the previous Bitcoin halving events.
He noted that Bitcoin could also follow suit should the S&P 500 surpass its all-time high.
In October, Svenson predicted that Bitcoin's value could rise to $70,000 depending on certain key developments.
Svenson says his forecast is supported by data-driven insights and key market shifts.
The first was the crucial resistance level at $32,000, a spike in Bitcoin price volatility following the launch of $32,000 and the now-approved spot Bitcoin ETF (exchange traded fund).
He further emphasized that even if Bitcoin does not break its all-time high immediately, we should expect significant price fluctuations, especially around $32,000. According to this analysis, the cryptocurrency market could soon see Bitcoin break the $70,000 threshold.
What's notable is that Svenson didn't base his forecast solely on market patterns. He also points to the approval of the spot Bitcoin ETF (Exchange Traded Fund).
Higher volatility expected
Bitcoin, the world's most popular cryptocurrency, has had a rollercoaster ride in recent years. One of the most significant events that could impact the price of Bitcoin is the upcoming Bitcoin halving, scheduled for 2024.
Halving is a process that occurs every 210,000 blocks, or approximately every four years.
A halving involves halving the reward for mining a Bitcoin block. This means fewer new Bitcoins are created, which can lead to an increase in demand and price.
Historically, Bitcoin always saw a rise after halving. In 2012, the price of Bitcoin rose from around $12 to over $266. In 2016, the price of Bitcoin rose from around $400 to over $1,900. And in 2020, the price of Bitcoin rose from around $7,000 to over $60,000.
According to CoinGecko, at the time of writing, Bitcoin is trading at around $41,617, with a market cap of over $815 billion
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