bitcoin has been experiencing a bitcoin-price-fell-to-below-42000-etf-approval/” rel=”nofollow”>downward trend recently falling from its 2023 all-time high of about $49,000 to below $41,000 at the time of writing. Despite this major price correction, popular crypto analyst Kevin Svenson has predicted a new all-time high for btc in the months following the bitcoin-halving-111-days-away-what-it-means/” rel=”nofollow”>2024 bitcoin Halving.
bitcoin Expected to Hit New All-Time High
Svenson released a YouTube video last week, predicting that btc's new all-time high is set for June 2024. Despite the hype surrounding the bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>approval and launch of Spot bitcoin ETFThe crypto analyst revealed that bitcoin has been experiencing significant declines and is currently approaching the critical price level of $40,200.
The crypto analyst compared bitcoin price movements to recent stock market patterns.. Last Friday, Wall Street stocks, particularly the S&P 500 index, hit an all-time high of 4,839.81, surpassing its previous high from January 2022.
Svenson pointed out a bitcoin-soaring-higher/” rel=”nofollow”>significant correlation between bitcoin and the S&P 500 Index in the months before and after the bitcoin halving. According to the crypto analyst, the last three bitcoin halvings illustrated a key price pattern for btc as the stock market hit 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, recording a bitcoin-price-new-all-time-highs/” rel=”nofollow”>its highest point two months later.
Furthermore, in the second half in July 2016, the S&P 500 index reached an all-time high, after which bitcoin reached an all-time high about seven and a half months later. At the third halving in May 2020, the S&P 500 index surpassed its all-time high in August, and btc did the same about four months later.
Svenson has suggested that these results reveal a bitcoin/” rel=”nofollow”>correlation between btc price and S&P 500 index during halving phases. Using the average time difference observed across the three halving events, he projected the timeline for bitcoin's all-time high in the next halving in April 2024.
According to the crypto analyst, btc is expected to hit a new high in about four and a half months after the S&P 500 index hits its own all-time high.
btc Exceeds the critical price level
In his video, Svenson revealed that btc It has successfully bounced off the critical price level of $40,200. He revealed that the cryptocurrency had achieved this feat around the same time as the S&P 500 index recorded its new all-time high.
“bitcoin is already bouncing, the weekly chart is now back in green, and the daily chart, the daily candle is now back in green as well,” Svenson said.
It is important to note that at the time of writing this article, the bitcoin price It was trading at $40,832, reflecting a 2.06% drop in just 24 hours, according to CoinMarketCap. The crypto analyst warned that if btc had failed to break above the critical support level, it could have triggered Main bearish signals.
Svenson also noted that the recent gains in the stock market presented a positive development for both bitcoin and altcoins in the cryptocurrency market. He stated that the new stock market all-time high would allow bitcoin to effectively secure its critical position and at the same time could positively influence speculator sentiment within the crypto space.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Analyst-Predicts-When-Bitcoin-Price-Will-Reach-New-ATH" alt="bitcoin Price Chart by Tradingview.com (Cryptocurrency Analyst)” width=”3266″ height=”1530″ loading=”lazy”/>
btc price recovers above $41,000 | Source: BTCUSD on Tradingview.com
Featured image of Bitcoinsensus, chart from Tradingview.com
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