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Today’s significant price drops in cryptocurrencies did not go unnoticed by investors. This decline continues the price volatility observed since last week, with the price falling below $60,000 again. Despite all this, a well-known figure in the market highlighted the parallel between BTC and the S&P 500 and explained how this could affect the BTC price.
Analyst’s Bitcoin Commentary
Crypto analyst and investor Kevin Svenson made statements indicating that he maintains his bullish sentiment on Bitcoin (BTC) and supported this with charts.
In a new video shared on YouTube, Svenson made a striking statement that Bitcoin could continuously host an upward recovery.
The reason is that the stock market is rebounding immediately.
According to Svenson’s statement, the S&P 500 stock index’s performance after a double-digit correction could influence a price rally in Bitcoin.
The S&P dropped almost 10% and is now only 4% below the peak. So, the S&P has recovered more than half of this drop. Many people were misled into thinking we would see a major ongoing crash. However, this is a solid recovery, and Bitcoin will likely feed off this upward trend… I believe Bitcoin is overdue for a higher level, namely an all-time high. If the S&P maintains this recovery, speculators will gain a lot of confidence.
And I think this will take us to an all-time high… As long as the stock market shows these green candles, these really nice recoveries, Bitcoin is more likely to see a recovery, maybe even all-time highs, rather than a drop. If the stock market is upward, Bitcoin’s likelihood of rising is higher. This is historically true.
Svenson stated that if Bitcoin experiences a price rise, it could gain approximately 65% in value from today’s $60,000 level.
If we saw an upward move along with the stock market, what would be the target for Bitcoin? This would bring us around $98,000.
What Is Bitcoin’s Current Price?
As of the time of writing, Bitcoin continues to find buyers at $58,300. BTC, which was seen falling to $48,800 last week and then rising above $60,000, continued its decline today, which started with the announcement of the US CPI data yesterday.
The 24-hour price change in BTC indicates a 4.25% drop, while the 7-day price movement shows a 1.68% increase. BTC’s market cap has fallen to $1.151 trillion, while its trading volume is seen at $32 billion.
