{"id":35343,"date":"2024-01-22T19:54:56","date_gmt":"2024-01-22T23:54:56","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35343"},"modified":"2024-01-22T19:54:56","modified_gmt":"2024-01-22T23:54:56","slug":"hold-on-for-four-months-analyst-predicts-when-bitcoin-price-will-reach-new-ath","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/22\/hold-on-for-four-months-analyst-predicts-when-bitcoin-price-will-reach-new-ath\/","title":{"rendered":"Hold On For Four Months: Analyst Predicts When Bitcoin Price Will Reach New ATH"},"content":{"rendered":"

Bitcoin has been experiencing a downward trend <\/a>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.\u00a0<\/a><\/p>\n

Bitcoin Anticipated To Hit New All-Time High<\/h2>\n

Svenson released a YouTube video last week, predicting<\/a> that BTC\u2019S new all-time high is set for June 2024. Despite the hype surrounding the approval and launch of Spot Bitcoin ETFs<\/a>, the crypto analyst revealed that Bitcoin has been witnessing significant declines and is currently approaching the critical price level of $40,200.\u00a0<\/p>\n

The crypto analyst compared Bitcoin\u2019s 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.\u00a0<\/p>\n

Svenson pointed out a significant correlation <\/a>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.<\/p>\n

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<\/a> two months later.\u00a0<\/p>\n

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\u00a0following suit about four months later.<\/p>\n

Svenson has suggested that these results reveal a unique correlation between the price of BTC and the S&P 500 index<\/a> during the halving phases. Using the average time difference observed in the three halving events, he projected the timeline for Bitcoin\u2019s all-time high in the upcoming halving<\/a> in April 2024.\u00a0<\/p>\n

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.\u00a0<\/p>\n

BTC Overcomes Critical Price Level<\/h2>\n

In his video, Svenson disclosed that BTC\u00a0has 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.\u00a0<\/p>\n

\u201cBitcoin 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,\u201d Svenson said.<\/p>\n

It\u2019s important to note that at the time of writing, the price of Bitcoin<\/a> 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.\u00a0<\/a><\/p>\n

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\u2019s new all-time high would enable Bitcoin to effectively secure its critical position while also potentially influencing speculator sentiment positively within the crypto space.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin has been experiencing a downward trend <\/a>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.\u00a0<\/a><\/p>\n

Bitcoin Anticipated To Hit New All-Time High<\/h2>\n

Svenson released a YouTube video last week, predicting<\/a> that BTC\u2019S new all-time high is set for June 2024. Despite the hype surrounding the approval and launch of Spot Bitcoin ETFs<\/a>, the crypto analyst revealed that Bitcoin has been witnessing significant declines and is currently approaching the critical price level of $40,200.\u00a0<\/p>\n

The crypto analyst compared Bitcoin\u2019s 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.\u00a0<\/p>\n

Svenson pointed out a significant correlation <\/a>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.<\/p>\n

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<\/a> two months later.\u00a0<\/p>\n

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\u00a0following suit about four months later.<\/p>\n

Svenson has suggested that these results reveal a unique correlation between the price of BTC and the S&P 500 index<\/a> during the halving phases. Using the average time difference observed in the three halving events, he projected the timeline for Bitcoin\u2019s all-time high in the upcoming halving<\/a> in April 2024.\u00a0<\/p>\n

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.\u00a0<\/p>\n

BTC Overcomes Critical Price Level<\/h2>\n

In his video, Svenson disclosed that BTC\u00a0has 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.\u00a0<\/p>\n

\u201cBitcoin 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,\u201d Svenson said.<\/p>\n

It\u2019s important to note that at the time of writing, the price of Bitcoin<\/a> 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.\u00a0<\/a><\/p>\n

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\u2019s new all-time high would enable Bitcoin to effectively secure its critical position while also potentially influencing speculator sentiment positively within the crypto space.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35343","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35343"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35343\/revisions"}],"predecessor-version":[{"id":35349,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35343\/revisions\/35349"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35343"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}