Crypto:
32778
Bitcoin:
$101.055
% 0.13
BTC Dominance:
%55.2
% 0.30
Market Cap:
$3.64 T
% 1.06
Fear & Greed:
76 / 100
Bitcoin:
$ 101.055
BTC Dominance:
% 55.2
Market Cap:
$3.64 T

Kevin Svenson Outlines Two Factors That Could Trigger a Bitcoin Surge

Bitcoin Falls 1

Cryptocurrency analyst and trader Kevin Svenson believes that two key catalysts could drive a significant rise in Bitcoin (BTC). In a recent update to his 79,100 YouTube subscribers, Svenson highlighted how the stock market and global money supply could play pivotal roles in Bitcoin’s recovery and its potential to reach new all-time highs.

Svenson pointed out that the S&P 500 has defied expectations, stating, “Remember, just a few weeks ago, it seemed like the world was ending… but now, the S&P 500 is within less than one percent of its all-time high. It has made a remarkable comeback to those peaks.”

He also touched on discussions surrounding the money supply and global liquidity. “What we’re seeing is a rise in global liquidity; we’re noticing lower highs, but we are nearing a potential breakout. Money printing is making a return, and it seems likely that we’ll see rate cuts in the near future,” Svenson added.

Looking at the monthly timeframe, Svenson observed that Bitcoin’s current price behavior mirrors patterns seen in previous cycles. “Bitcoin is on a perfect trajectory right now. What we’re observing on the monthly charts is no different from prior cycles. In 2016, after the halving, we hit new highs within a few months. The same thing happened after the 2020 halving. In 2024, while Bitcoin has yet to break new records or establish a trend, it has touched the previous highs but hasn’t surpassed them. This suggests that we’re in perfect sync with the timing of past cycles. Following the halving, within a few months, we’re likely to begin climbing to new highs. Everything looks great for Bitcoin right now, and despite the volatility, things are on track.”

READ:  Binance Futures to List This Altcoin with Up to 50x Leverage!

At the time of writing, Bitcoin is trading at $60,943.

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