Recent analysis by Kevin Svenson highlights that Bitcoin may soon experience significant growth. He connects this to the records set by the S&P 500 index and investor sentiment.
Impact of S&P 500 on Bitcoin
Kevin Svenson noted that the recent record of S&P 500 at 6,333 points creates a positive environment for Bitcoin. He suggested that bullish trends in traditional markets could boost cryptocurrency investors’ confidence in reaching new highs.
> Kevin Svenson: "Bitcoin is now ready to experience its next major parabolic rise. As the S&P 500 reaches new records, this stability and bullish sentiment allow Bitcoin to mirror similar movements. Investors are increasingly confident about achieving a new peak."
New Targets and Scenarios
Svenson claims that the first significant milestone after surpassing its current record of about $111,814 could be the $120,500 level. He also pointed out that a short-term pullback might follow before a new parabolic rise begins.
> Kevin Svenson: "When we examine the weekly parabolic trend diagram, the stage appears set for the next major rise. In the longer term, Bitcoin is expected to advance to between $140,000 and $150,000. This movement could take several months or more to materialize."
Market Conditions Affecting Bitcoin
Currently, Bitcoin is trading at $110,936, just below its May record of $111,814. Analysts emphasize that such movements can develop over time, and short-term fluctuations are likely. Given the high volatility and sudden price changes in cryptocurrency markets, experts advise caution before investing. Observers stress that Bitcoin targets depend on market conditions and the overall economic outlook.
In the coming months, developments in economic indexes and investor confidence could significantly impact Bitcoin prices. Monitoring current events and potential risks remains a key recommendation for investors.
