Analyst and trader Kevin Svenson believes Bitcoin (BTC) is primed to go higher as the flagship crypto asset sits just a few basis points below the all-time high.
Svenson tells his 83,400 YouTube subscribers that whenever the S&P 500 index hits a new all-time high, Bitcoin tends to follow suit.
[adinserter block="1"]The S&P 500 index reached a record high of 6,333 points earlier this week.
“Bitcoin is now ready to play out the next major parabolic advance, the next phase of the parabolic trend…
…And if the S&P is stable or trending into new all-time highs, then that will allow Bitcoin to also do the same. It gives speculators confidence to speculate into a new all-time high for Bitcoin.”
After breaking out above the current all-time high of just under $112,000, Svenson says the first major target for Bitcoin is the $120,500 level. The analyst says Bitcoin could then pull back before initiating a parabolic rally.
“If you take a look at the current weekly chart for Bitcoin with the parabolic trend diagram overlaid onto it, you’ll see that we are setting up for the next major parabolic advance. The next major push towards $140,000 to $150,000 is what the textbook suggests. And this could probably take months, many, many months of, you know, movement to get there.”
Bitcoin is trading at $110,936 at time of writing, less than one percentage point below the all-time high of $111,814 reached in May.
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