Crypto Analyst Says Bitcoin Could Reach All-time High In 'Less Than Half A Year,' Cites S&P 500's Performance
Portfolio Pulse from Bibhu Pattnaik
Crypto analyst Kevin Svenson predicts Bitcoin could reach its all-time high in less than half a year, citing the S&P 500's performance as an indicator. Svenson notes that historically, Bitcoin's peaks have followed the S&P 500's new highs, with a lag of several months. The S&P 500 is currently near its all-time high, suggesting Bitcoin may soon follow. Bitcoin is trading at $41,545.10, down by almost four percent over the past week.
January 20, 2024 | 5:00 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Kevin Svenson predicts Bitcoin could reach its all-time high in less than half a year, based on the S&P 500 nearing its all-time high and historical patterns of Bitcoin following the S&P 500's record peaks.
The analysis by Kevin Svenson suggests a bullish outlook for Bitcoin based on the correlation with the S&P 500's performance. Historically, Bitcoin has followed the S&P 500 in reaching new highs, and with the S&P 500 near its peak, Bitcoin may also be poised for significant growth. However, the cryptocurrency market is known for its volatility, and predictions are not always accurate.
CONFIDENCE 70
IMPORTANCE 85
RELEVANCE 100