A closely followed crypto analyst is predicting that Bitcoin (BTC) is on the verge of printing new all-time highs.
Analyst and trader Kevin Svenson tells his 161,300 followers on the social media platform X that Bitcoin may explode to new record high levels based on breakout patterns since April.
[adinserter block="1"]“Bitcoin breakout (four-hour). Now that we’ve broken out of the consolidation, we have an official measured move target. Target: $115,000.”
However, Svenson tells his 82,800 YouTube subscribers that for Bitcoin’s upward momentum to continue, the S&P 500 (SPX) needs to remain bullish based on BTC’s historic correlation with stocks.
“Bitcoin, in my opinion, looks really, really good, even with the little rejection we had earlier. We’re just retesting previous resistance as new support here. So I think it’s still really likely for this to play out.
But the main thing is, if the stock market allows it. The S&P has been on an epic rebound. I mean, we’re really, really close to a new all-time high for the S&P. Imagine if you told people that at the bottom of this market, when everyone was calling for a recession or a 2008-style crash, imagine if you said that in a month, we’d be back at the all-time high. Nobody would have believed you. But here we are.
This is an extremely volatile market, and anything is possible in these conditions. And so my point is, as long as the S&P and the stock market in general sort of allow Bitcoin to remain bullish, then Bitcoin will probably follow that next measured move target to $115,000.
If the S&P finds some sort of lower high or resistance, well then it may not be so easy to get to $115,000.”
Bitcoin is trading for $106,000 at time of writing, flat on the day.
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