Cryptocurrency analyst and trader Kevin Svenson is saying that two catalysts could have bullish implications for Bitcoin (BTC).
Svenson tells his 79,100 YouTube subscribers that the stock market and the global money supply are “supporting the idea of a rebound, a recovery, possibly new all-time highs” for Bitcoin.
“The S&P 500 [stock index] has defied all expectations. Remember the world was ending just a couple of weeks ago down here… well, now the S&P 500 is sitting less than one percent away from the all-time high. A perfect recovery right back to the highs.
And also there’s been discussion about the money supply, the global liquidity…
…what we can see is that global liquidity is starting to tick up, we’re getting lower highs here. But we’re nearing a possible breakout, the money printers are returning, and interest rates are likely going to see cuts soon.”
Svenson says that based on the monthly time frame, Bitcoin’s current price action is similar to previous years at this time of the cycle.
“Bitcoin is perfectly on track right now. What we’re seeing for Bitcoin here on the monthly is no different, no different than any other cycle. You have the [2016] halving and a few months later, we break out into new all-time highs.
2020, the halving – a few months later, we break out into new all-time highs.
Bitcoin [in 2024], the halving… we haven’t actually broken out or trended into new all-time highs yet – we touched them, we didn’t trend above them which means we’re actually perfectly on track with previous cycle timing. The halving and a few months later, most likely, we begin breaking out into new all-time highs.
Things are looking perfect right now for Bitcoin despite the volatility. We’re doing good.”
Bitcoin is trading at $60,943 at time of writing.
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