Bitcoin is predicted to reach a historic high in 4 months

Kevin Swenson, an experienced cryptocurrency analyst and trader, has made a bold prediction about the future trajectory of bitcoin. According to the expert, BTC $114,117.00 Mezo Wrapped BTC -0.35% Market capitalization $40.34 million VOL. 24 hours $1.69 billion has every chance of reaching a new all-time high in 4 months.

Swenson’s latest analysis focuses on the connection between the S&P 500 index and bitcoin price fluctuations. The S&P 500 index, which represents the 500 largest U.S. companies, has historically been a precursor to major bitcoin price milestones.

Swenson emphasized this pattern, especially in the periods after bitcoin halves. The analyst drew attention to the drop in the UTS in 2016. Then, after the S&P 500 index rose to new heights, bitcoin followed suit, reaching a new all-time high in about 7 months. A similar pattern was observed during the third decline in 2020, which supports the idea that stock market movements can be a harbinger of significant changes in the value of bitcoin.

Currently, the S&P 500 index is close to its all-time high of 4,796 points set in early 2022. Bitcoin is currently trading 40% below its all-time high. Swenson interprets these signs as pointing to a future surge in the HTS.

Based on historical models, the analyst suggested that bitcoin is about four to six months away from reaching a new all-time high, assuming the S&P 500 breaks its record.