Bitcoin ETF

Kevin

Bitcoin

<p class="is-style-lead">Kevin Svenson, a prominent cryptocurrency analyst and trader, has made a compelling prediction regarding the potential trajectory of Bitcoin (<a href="https://crypto.news/bitcoin-price/" rel="noopener noreferrer nofollow">BTC</a>) in relation to the <a href="https://crypto.news/bitcoins-correlation-with-sp-500-falls-to-a-2-year-low/" rel="noopener noreferrer nofollow">S&amp;P 500</a>.</p>
<h2 class="wp-block-heading" id="bitcoin-s-potential-surge-to-a-new-all-time-high">Bitcoin’s potential surge to a new all-time high</h2>
<p>In his YouTube video entitled “BITCOIN WILL FOLLOW S&amp;P 500 INTO ALL TIME HIGHS,” Svenson discusses the possibility of Bitcoin reaching new all-time highs, drawing parallels to the performance of the S&amp;P 500, stating that the S&amp;P has consistently led Bitcoin in all-time high breaks, and this is promising as Bitcoin is still below 40%&nbsp; it’s all-time high while the S&amp;P is approaching its peak.</p>
<p>This prediction is based on his analysis of market trends and indicators, suggesting that Bitcoin could experience a significant surge in the coming months, potentially mirroring the record highs of the S&amp;P 500.</p>
<p>According to Svenson, the S&amp;P 500’s position serves as a key factor in his projection for Bitcoin’s future performance. He suggests that Bitcoin may be just months away from achieving a new all-time high, aligning with the upward momentum of the S&amp;P 500.</p>
<p>Citing his analysis, there is a possibility of Bitcoin experiencing further upward movement before the next Bitcoin Halving. He also noted a historical pattern where a dip occurred before a bull run preceding the previous Bitcoin Halving events.</p>
<p>He elaborated that should the S&amp;P 500 surpass its All-Time High, Bitcoin might also follow suit.</p>
<p>In October, Svenson predicted that Bitcoin’s value could soar to $70,000, contingent upon certain key developments.&nbsp;</p>
<p>According to Svenson, his <a href="https://crypto.news/bitcoin-price-to-hit-70k-soon-analyst-predicts/" rel="noopener noreferrer nofollow">prediction</a> is backed by data-driven insights and pivotal market shifts.</p>
<p>First was the crucial resistance level of $32,000, an increase in Bitcoin’s price volatility following the establishment of $32,000 and the now-approved <a href="https://crypto.news/grayscale-ceo-most-spot-bitcoin-etfs-will-not-survive/" rel="noopener noreferrer nofollow">spot Bitcoin ETF</a> (exchange-traded fund).</p>
<p>He further emphasized that even if Bitcoin doesn’t immediately breach its all-time high, we should anticipate significant price fluctuations, particularly around the $32,000,&nbsp; from this analysis, the cryptocurrency market could soon witness Bitcoin breaking past the $70,000 threshold.</p>
<p>Notably, Svenson didn’t base his forecast solely on market patterns. He also draws attention to the approval of the spot Bitcoin ETF (exchange-traded fund).</p>
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<p>You might also like: <a href="https://crypto.news/peter-brandt-bitcoin-halving-and-etf-are-much-ado-about-nothing/" rel="noopener noreferrer nofollow"> Peter Brandt: Bitcoin halving and ETF are much ado about nothing </a></p>
<h2 class="wp-block-heading" id="more-volatility-expected">More volatility expected</h2>
<p>Bitcoin, the world’s most popular cryptocurrency, has been on a rollercoaster ride in recent years. One of the most significant events that could impact Bitcoin’s price is the upcoming Bitcoin halving, which is scheduled to occur in 2024.</p>
<p>The <a href="https://crypto.news/bitcoin-halving-price-surge-btc-2024/" rel="noopener noreferrer nofollow">halving</a> is a process that occurs every 210,000 blocks, or roughly every four years.</p>
<p>When a halving occurs, the reward for mining a block of Bitcoin is cut in half. This means that fewer new Bitcoins are being created, which can lead to an increase in demand and price.</p>
<p>Historically, Bitcoin has always pumped after halving. In 2012, the price of Bitcoin increased from around $12 to over $266. In 2016, the price of Bitcoin increased from around $400 to over $1,900. And in 2020, the price of Bitcoin increased from around $7,000 to over $60,000.&nbsp;</p>
<p>At the time of writing, Bitcoin is trading at around $41,617, with a market cap of over $815 billion, according to CoinGecko</p>
<p>Read more: <a href="&nbsp;https://crypto.news/next-bitcoin-halving-just-15k-blocks-away/" rel="noopener noreferrer nofollow"> Next Bitcoin halving just 15k blocks away </a></p>

Bitcoin to copy the S&P 500 bull run, analyst forecasts

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