When Will Bitcoin Price Reach All-Time-High
In a recent video, Kevin Stevenson, a prominent crypto analyst and YouTuber, discussed Bitcoin’s current price trends and expressed optimism about a new all-time high in the upcoming months.
Stevenson’s Forecast
Stevenson discussed Bitcoin’s recent sideways movement, highlighting the absence of lower lows since December as a positive indicator. He explored the possibility of a pullback to test oversold levels on the daily chart and explained his unwavering confidence despite the recent downturn.
Drawing attention to the correlation with the S&P 500, Stevenson noted the stock market’s proximity to its all-time high. He suggested that historical patterns imply Bitcoin could follow suit shortly after the S&P 500 breaks its record, citing instances from the second and third Bitcoin halvings.
Acknowledging a bearish scenario, Stevenson mentioned the potential for a dip below the critical level of $40,200, leading to a retest of oversold levels around $35,000. However, he expressed assurance in a swift recovery, citing positive fundamental events such as ETF approvals and the upcoming halving.
Bitcoin’s All-Time-High (ATH) and S&P 500’s All-Time-High (ATH)
Stevenson suggests that any downturns before the halving, especially during the pre-halving period, present significant buying opportunities, emphasizing their potential as “generational buy opportunities.” He encourages viewers to recognize such dips as opportunities, considering the historical significance of price levels preceding each Bitcoin halving.
In his analysis, Stevenson highlights the synchronization between the S&P 500 and Bitcoin’s price movements. Notably, he observes that historically, when the S&P 500 achieves its all-time high, Bitcoin tends to follow suit and reach its all-time high within a few months.
Referring to the second and third Bitcoin halvings, Stevenson draws attention to the instances where the S&P 500’s milestone preceded Bitcoin’s ATH, illustrating a historical pattern.
In Summary
With Bitcoin maintaining a position above $40,000, Stevenson’s analysis offers a balanced perspective, drawing connections between Bitcoin’s price direction and the imminent approach of the S&P 500 to its all-time high.
