Monday, December 23, 2024
Home > News > Cryptocurrency Market > Analyst Predicts When Bitcoin Price Will Reach New ATH

Analyst Predicts When Bitcoin Price Will Reach New ATH

Bitcoin has been experiencing a downward trend recently, dropping from its 2023 all-time high of about $49,000 to below $41,000 at the time of writing. Despite this significant price correction, popular crypto analyst Kevin Svenson has predicted a new all-time high for BTC in the months after the 2024 Bitcoin halving. 

Bitcoin Anticipated 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 approval and launch of Spot Bitcoin ETFs, the crypto analyst revealed that Bitcoin has been witnessing significant declines and is currently approaching the critical price level of $40,200. 

The crypto analyst compared Bitcoin’s price movements with the recent stock market patterns. Last Friday, Wall Street stocks, particularly the S&P 500 index, achieved an all-time high of 4,839.81, surpassing its previous record in January 2022. 

Svenson pointed out a significant correlation between Bitcoin and the S&P 500 index in the months leading up to and following 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 the first Bitcoin halving in November 2012, the S&P 500 index hit its all-time high, and BTC followed after, recording an all-time high two months later. 

Additionally, in the second halving in July 2016, the S&P 500 index achieved a record high, after which Bitcoin hit an all-time high about seven-and-a-half months later. In the third halving in May 2020, the S&P 500 index broke its all-time high in August, with BTC following suit about four months later.

Svenson has suggested that these results reveal a unique correlation between the price of BTC and the S&P 500 index during the halving phases. Using the average time difference observed in the three halving events, he projected the timeline for Bitcoin’s all-time high in the upcoming halving in April 2024. 

According to the crypto analyst, BTC is expected to achieve a new record high in approximately four-and-a-half months after the S&P 500 index hits its own all-time high. 

BTC Overcomes Critical Price Level

In his video, Svenson disclosed that BTC has successfully bounced off the critical price level of $40,200. He revealed that the cryptocurrency had achieved this feat around the same time the S&P 500 index had recorded its new all-time high. 

“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 said.

It’s important to note that at the time of writing, the price of Bitcoin was trading at $40,832, reflecting a 2.06% decline in just 24 hours, according to CoinMarketCap. The crypto analyst warned that if BTC had failed to overcome the critical support level, it could have triggered major bearish signals. 

Svenson also noted that the recent gains in the stock market presented a positive development for both Bitcoin and altcoins in the crypto market. He stated that the stock market’s new all-time high would enable Bitcoin to effectively secure its critical position while also potentially influencing speculator sentiment positively within the crypto space.

BTC price recovers above $41,000 | Source: BTCUSD on Tradingview.com

Featured image from Bitcoinsensus, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source