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
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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.
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