Cryptocurrency analyst and trader Kevin Svenson over the coming weeks and months Bitcoin Estimates the potential path forward for
According to Svenson, the S&P 500 serves as a leading indicator for Bitcoin before it reaches a new all-time high.
The trader notes that when the S&P 500 reaches its all-time high, the price of BTC is also poised to rise. Svenson noted that in its current situation, everything looks good because BTC is 40% away from its top, while the S&P 500 is near its top.
So if you look at history, the second halving (2016), the S&P 500 broke its all-time high during the second halving, and about seven months later Bitcoin broke its all-time high. This was a difference of about seven months.
NEWS CONTINUES BELOWIn the third halving (2020), which was the last halving, S&P saw its all-time high, and about four months later, Bitcoin reached its all-time high.
While the S&P 500 index was hovering just below its all-time high of 4,796 points, reached on January 3, 2022, Svenson said the following about what Bitcoin could do:
I would say Bitcoin is less than six months away from reaching its all-time high.
So if the S&P hits an all-time high, we can be sure that Bitcoin is just months away from doing the same, and then we will be in this bull market. At least that’s what history shows us.
Bitcoin was trading at $41,425 at the time of this writing.