Cryptocurrency analyst and trader Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC).
Svenson tells his 79,000 YouTube subscribers in a new video that Bitcoin is primed to see “continued upside, a continued recovery.”
“The reason why is because the stock market is bouncing right back.”
According to Svenson, the S&P 500 stock index’s bullish performance after a double-digit correction could fuel a Bitcoin rally.
“The S&P went down almost 10% and is now down only 4% from the top. So the S&P has reclaimed more than half of that dip. A lot of people were fooled into thinking that we were going to see a huge continued crash. But this is a solid rebound and Bitcoin will likely be fueled by this following to the upside…
I believe that Bitcoin is overdue for a higher high, meaning a new all-time high. If the S&P continues this rebound, speculators are going to gain a lot of confidence. And I think that’s going to push us up to a new all-time high…
…as long as the stock market is showing these green candles, these really nice rebounds, Bitcoin is more likely to actually see a recovery, maybe even new all-time highs rather than a dump. It’s more likely to go up if the stock market is pointed up. That is historically true.”
The analyst and trader says that if Bitcoin rallies, the flagship crypto asset could appreciate by around 65% from the current level.
“What would the target be for Bitcoin if we did actually see a push up moving alongside the stock market?…
that would be landing us right around $98,000.”
Bitcoin is trading at $59,400 at time of writing.
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