Cryptocurrency analyst and trader Kevin Svenson says two catalysts could have a positive impact on Bitcoin (BTC).
Svenson tells his 79,100 YouTube subscribers that the stock market and global money supply “support the notion of a recovery, a rebound, and possibly new all-time highs” for Bitcoin.
“The S&P 500 (stock index) has exceeded all expectations. Remember, a few weeks ago the world was ending here… well, now the S&P 500 is less than one percent away from its all-time high. A perfect recovery back to the highs.
There were also discussions about the money supply, global liquidity…
…What we can see is that global liquidity is starting to rise, we are hitting lower highs here. But we are approaching a potential breakout, the money printers are returning and interest rates are likely to be cut soon.”
Svenson says that Bitcoin’s current price performance on a monthly basis is similar to that seen in previous years during this phase of the cycle.
“Bitcoin is perfectly on track right now. What we’re seeing here for Bitcoin on a monthly basis is no different, no different than any other cycle. There’s the halving (2016) and a few months later we’re hitting new all-time highs.
2020, the halving – a few months later we reach new all-time highs.
Bitcoin (in 2024), the halving… we haven’t hit or trended new all-time highs yet – we’ve touched them, we haven’t crossed them, which means we’re actually perfectly on track with the timing of the previous cycle. The halving and a few months later we’ll most likely start breaking out to new all-time highs.
Despite the volatility, things are looking perfect for Bitcoin right now. We’re doing well.”
At the time of writing, Bitcoin is trading at $60,943.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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