An important crypto analyst said that there is a huge chance that we will see Bitcoin hitting a new ATH soon. Check out the latest reports about this below.
Bitcoin is near a new ATH
According to cryptocurrency analyst and trader Kevin Svenson, Bitcoin (BTC) could follow a certain trajectory over the next few weeks and months.
Svenson, who has 71,300 subscribers on YouTube, suggests that the S&P 500, an index that monitors the stock performance of the top 500 listed companies in the US, has acted as a leading indicator for Bitcoin in the past, signaling when it is about to hit a new all-time high.
“The S&P is always leading Bitcoin on the all-time high breaks. And this is a good sign because Bitcoin is still 40% below its all-time high and the S&P is right near its all-time high.
So if you look back in time, the second halving [2016], the S&P 500 broke its all-time high during the second halving and about seven months later, Bitcoin broke its all-time high. That was about a seven-month difference.
And the third halving [2020], the most recent halving, the S&P broke its all-time high and about four months later, Bitcoin broke its all-time high.”
Svenson predicts that Bitcoin is likely to reach its all-time high in about four months, which is less than half a year away.
Meanwhile, the S&P 500 index is hovering just below its all-time high of 4,796 points, which it reached on January 3rd, 2022.
If the S&P 500 index breaks its all-time high, it would signal that Bitcoin will also likely follow suit in the next few months, and then we would be off into a bull market. This prediction is based on historical trends.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $41,542. Stay tuned for more news.
