{"id":570770,"date":"2024-01-22T19:00:59","date_gmt":"2024-01-22T19:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=570770"},"modified":"2024-06-11T07:39:21","modified_gmt":"2024-06-11T07:39:21","slug":"when-bitcoin-price-new-ath","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/when-bitcoin-price-new-ath\/","title":{"rendered":"Hold On For Four Months: Analyst Predicts When Bitcoin Price Will Reach New ATH"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin has been experiencing a <\/span><a href=\"https:\/\/bitcoinist.com\/why-bitcoin-price-fell-to-below-42000-etf-approval\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">downward trend <\/span><\/a><span style=\"font-weight: 400\">recently, dropping from its 2023 all-time high of about $49,000 to below $41,000 at the time of writing. Despite this significant price correction, popular crypto analyst Kevin Svenson has predicted a new all-time high for BTC in the months after the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-halving-111-days-away-what-it-means\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">2024 Bitcoin halving.\u00a0<\/span><\/a><\/p>\n<h2>Bitcoin Anticipated To Hit New All-Time High<\/h2>\n<p><span style=\"font-weight: 400\">Svenson released a YouTube video last week, <\/span><a href=\"https:\/\/x.com\/kevinsvenson_\/status\/26504101?s=46\" rel=\"nofollow\"><span style=\"font-weight: 400\">predicting<\/span><\/a><span style=\"font-weight: 400\"> that BTC&#8217;S new all-time high is set for June 2024. Despite the hype surrounding the <\/span><a href=\"https:\/\/bitcoinist.com\/breaking-spot-bitcoin-etfs-approved-by-us-sec\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">approval and launch of Spot Bitcoin ETFs<\/span><\/a><span style=\"font-weight: 400\">, the crypto analyst revealed that Bitcoin has been witnessing significant declines and is currently approaching the critical price level of $40,200.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/avalanche\/buy-sell-trade-tokens-avalanche\/\">How To Buy, Sell, And Trade Tokens On The Avalanche Network<\/a><\/div>\n<p><span style=\"font-weight: 400\">The crypto analyst compared Bitcoin\u2019s price movements with the recent stock market patterns<\/span><span style=\"font-weight: 400\">. Last Friday, Wall Street stocks, particularly the S&amp;P 500 index, achieved an all-time high of 4,839.81, surpassing its previous record in January 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Svenson pointed out a <\/span><a href=\"https:\/\/bitcoinist.com\/why-the-sp-500-could-help-send-bitcoin-soaring-higher\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">significant correlation <\/span><\/a><span style=\"font-weight: 400\">between Bitcoin and the S&amp;P 500 index in the months leading up to and following the Bitcoin halving. According to the crypto analyst, the last three Bitcoin halvings illustrated a key price pattern for BTC as the stock market hit its all-time high.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The analyst explained that after the first Bitcoin halving in November 2012, the S&amp;P 500 index hit its all-time high, and BTC followed after, recording an <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-new-all-time-highs\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">all-time high<\/span><\/a><span style=\"font-weight: 400\"> two months later.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Additionally, in the second halving in July 2016, the S&amp;P 500 index achieved a record high, after which Bitcoin hit an all-time high about seven-and-a-half months later. In the third halving in May 2020, the S&amp;P 500 index broke its all-time high in August, with BTC\u00a0following suit about four months later.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Svenson has suggested that these results reveal a unique <\/span><a href=\"https:\/\/bitcoinist.com\/why-tightening-correlation-with-sp-500-could-be-bullish-for-bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">correlation between the price of BTC and the S&amp;P 500 index<\/span><\/a><span style=\"font-weight: 400\"> during the halving phases. Using the average time difference observed in the three halving events, he projected the timeline for Bitcoin\u2019s all-time high in the <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/anticipation-peaks-as-bitcoin-halving-countdown-drops-below-100-days-will-prices-skyrocket\/\"><span style=\"font-weight: 400\">upcoming halving<\/span><\/a><span style=\"font-weight: 400\"> in April 2024.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the crypto analyst, BTC is expected to achieve a new record high in approximately four-and-a-half months after the S&amp;P 500 index hits its own all-time high.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">BTC<\/span> Overcomes Critical Price Level<\/h2>\n<p><span style=\"font-weight: 400\">In his video, Svenson disclosed that BTC<\/span><span style=\"font-weight: 400\">\u00a0has successfully bounced off the critical price level of $40,200. He revealed that the cryptocurrency had achieved this feat around the same time the S&amp;P 500 index had recorded its new all-time high.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cBitcoin is already bouncing, the weekly is now back in the green, and the daily chart, the daily candle is now also back in the green,\u201d Svenson said.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/terra-luna\/terra-classic-burns-lunc-ustc\/\">Terra Classic Community Burns A Staggering 700 Million LUNC And 230,000 USTC \u2013 Details<\/a><\/div>\n<p><span style=\"font-weight: 400\">It\u2019s important to note that at the time of writing, the <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/crypto-analyst-predicts-potential-trend-for-bitcoin-as-price-slips\/\"><span style=\"font-weight: 400\">price of Bitcoin<\/span><\/a><span style=\"font-weight: 400\"> was trading at $40,832, reflecting a 2.06% decline in just 24 hours, according to CoinMarketCap. The crypto analyst warned that if BTC had failed to overcome the critical support level, it could have triggered <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bearish-forecast-analyst-signals-continued-downfall\/\"><span style=\"font-weight: 400\">major bearish signals.\u00a0<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400\">Svenson also noted that the recent gains in the stock market presented a positive development for both Bitcoin and altcoins in the crypto market. He stated that the stock market\u2019s new all-time high would enable Bitcoin to effectively secure its critical position while also potentially influencing speculator sentiment positively within the crypto space.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/7jJZgy29\/\" alt=\"Bitcoin price chart from Tradingview.com (Crypto analyst)\" width=\"3266\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price recovers above $41,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Bitcoinsensus, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been experiencing a downward trend recently, dropping from its 2023 all-time high of about $49,000 to below $41,000 at the time of writing. Despite this significant price correction, popular crypto analyst Kevin Svenson has predicted a new all-time high for BTC in the months after the 2024 Bitcoin halving.\u00a0 Bitcoin Anticipated To Hit New All-Time High Svenson released a YouTube video last week, predicting that BTC&#8217;S new all-time high is set for June 2024. Despite the hype surrounding the approval and launch of Spot Bitcoin ETFs, the crypto analyst revealed that Bitcoin has been witnessing significant declines and is currently approaching the critical price level of $40,200.\u00a0 Related Reading: How To Buy, Sell, And Trade Tokens On The Avalanche Network The crypto analyst compared Bitcoin\u2019s price movements with the recent stock market patterns. Last Friday, Wall Street stocks, particularly the S&amp;P 500 index, achieved an all-time high of 4,839.81, surpassing its previous record in January 2022.\u00a0 Svenson pointed out a significant correlation between Bitcoin and the S&amp;P 500 index in the months leading up to and following the Bitcoin halving. According to the crypto analyst, the last three Bitcoin halvings illustrated a key price pattern for BTC as the stock market hit its all-time high. The analyst explained that after the first Bitcoin halving in November 2012, the S&amp;P 500 index hit its all-time high, and BTC followed after, recording an all-time high two months later.\u00a0 Additionally, in the second halving in July 2016, the S&amp;P 500 index achieved a record high, after which Bitcoin hit an all-time high about seven-and-a-half months later. In the third halving in May 2020, the S&amp;P 500 index broke its all-time high in August, with BTC\u00a0following suit about four months later. Svenson has suggested that these results reveal a unique correlation between the price of BTC and the S&amp;P 500 index during the halving phases. Using the average time difference observed in the three halving events, he projected the timeline for Bitcoin\u2019s all-time high in the upcoming halving in April 2024.\u00a0 According to the crypto analyst, BTC is expected to achieve a new record high in approximately four-and-a-half months after the S&amp;P 500 index hits its own all-time high.\u00a0 BTC Overcomes Critical Price Level In his video, Svenson disclosed that BTC\u00a0has successfully bounced off the critical price level of $40,200. He revealed that the cryptocurrency had achieved this feat around the same time the S&amp;P 500 index had recorded its new all-time high.\u00a0 \u201cBitcoin is already bouncing, the weekly is now back in the green, and the daily chart, the daily candle is now also back in the green,\u201d Svenson said. Related Reading: Terra Classic Community Burns A Staggering 700 Million LUNC And 230,000 USTC \u2013 Details It\u2019s important to note that at the time of writing, the price of Bitcoin was trading at $40,832, reflecting a 2.06% decline in just 24 hours, according to CoinMarketCap. The crypto analyst warned that if BTC had failed to overcome the critical support level, it could have triggered major bearish signals.\u00a0 Svenson also noted that the recent gains in the stock market presented a positive development for both Bitcoin and altcoins in the crypto market. He stated that the stock market\u2019s new all-time high would enable Bitcoin to effectively secure its critical position while also potentially influencing speculator sentiment positively within the crypto space. BTC price recovers above $41,000 | Source: BTCUSD on Tradingview.com Featured image from Bitcoinsensus, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":570780,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,86213,629,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-570770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bull-market","tag-bitcoin-market","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Hold On For Four Months: Analyst Predicts When Bitcoin Price Will Reach New ATH<\/title>\n<meta name=\"description\" content=\"Bitcoin has 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Matherson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"caption\":\"Scott Matherson\"},\"description\":\"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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