bullish

Kevin

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-bitcoins-potential-price-surge-5/" data-wpel-link="internal">Analyst Predicts Bitcoin’s Potential Price Surge</a> 
Today’s significant price drops in cryptocurrencies did not go unnoticed by investors. This decline continues the price volatility observed since last week, with the price falling below $60,000 again. Despite all this, a well-known figure in the market highlighted the parallel between BTC and the S&amp;P 500 and explained how this could affect the BTC price. 
<h2 style="text-align: justify" id="analyst-s-bitcoin-commentary">Analyst’s Bitcoin Commentary</h2> 
Crypto analyst and investor Kevin Svenson made statements indicating that he maintains his bullish sentiment on <a href="https://en.coin-turk.com/bitcoin-surges-one-of-the-best-times-to-buy-crypto-assets/" data-wpel-link="internal">Bitcoin</a> (BTC) and supported this with charts. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-380099" src="https://coin-turk.com/wp-content/uploads/2024/08/bitcoin-btc-grafik-1-yorum-coin-turk-com.png" alt="" width="615" height="404"> 
In a new video shared on YouTube, Svenson made a striking statement that Bitcoin could continuously host an upward recovery. 
<blockquote> 
 The reason is that the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">stock market</a> is rebounding immediately. 
</blockquote> 
According to Svenson’s statement, the S&amp;P 500 stock index’s performance after a double-digit correction could influence a price rally in Bitcoin. 
<blockquote> 
 The S&amp;P dropped almost 10% and is now only 4% below the peak. So, the S&amp;P has recovered more than half of this drop. Many people were misled into thinking we would see a major ongoing crash. However, this is a solid recovery, and Bitcoin will likely feed off this upward trend… I believe Bitcoin is overdue for a higher level, namely an all-time high. If the S&amp;P maintains this recovery, speculators will gain a lot of confidence. 
 And I think this will take us to an all-time high… As long as the stock market shows these green candles, these really nice recoveries, Bitcoin is more likely to see a recovery, maybe even all-time highs, rather than a drop. If the stock market is upward, Bitcoin’s likelihood of rising is higher. This is historically true. 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-380100" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-bitcoin-btc-1-yorum-coin-turk-com.png" alt="" width="614" height="344"> 
Svenson stated that if Bitcoin experiences a price rise, it could gain approximately 65% in value from today’s $60,000 level. 
<blockquote> 
 If we saw an upward move along with the stock market, what would be the target for Bitcoin? This would bring us around $98,000. 
</blockquote> 
<h2 style="text-align: justify" id="what-is-bitcoin-s-current-price">What Is Bitcoin’s Current Price?</h2> 
As of the time of writing, Bitcoin continues to find buyers at $58,300. BTC, which was seen falling to $48,800 last week and then rising above $60,000, continued its decline today, which started with <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">the announcement</a> of the US CPI data yesterday. 
The 24-hour price change in BTC indicates a 4.25% drop, while the 7-day price movement shows a 1.68% increase. BTC’s market cap has fallen to $1.151 trillion, while its trading volume is seen at $32 billion. 
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The post <a href="https://en.coin-turk.com/analyst-predicts-bitcoins-potential-price-surge-5/" data-wpel-link="internal">Analyst Predicts Bitcoin’s Potential Price Surge</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Analyst Predicts Bitcoin’s Potential Price Surge

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