Bitcoin hits $118.4k after S&P Surge: Analyst Kevin Svenson links BTC breakouts to S&P 500 records and predicts parabolic gatherings.
Will you stop $150K next? Svenson will soon see Bitcoin targeting $120.5k and then rally to $140K-150,000 as momentum accumulates.
Bitcoin just beat the new all-time high of $118,397.8, up 6.5% in the last 24 hours, following the S&P 500 record setting rally. According to popular Crypto analyst Kevin Svenson, the correlation marks the start of a potential parabolic rally for Bitcoin.
The S&P 500 reaches a historic high of 6,333
Earlier this month, the S&P 500 index began at 6,187.28, steadily climbing 1.51%, eventually reaching a new record of 6,333 points.
Svenson emphasizes that Bitcoin often reflects such a movement in traditional markets. The recent S&P breakout could be a catalyst that fuels the continued surge in Bitcoin.
Bitcoin Price Breakout: $118K and Mountaineering
Bitcoin began a month of around $105,678.62, trading between $105,000 and $109,000, mainly until July 8th, leading to strong purchase pressure. Since then, Bitcoin has skyrocketed 8.99%, reaching its latest peak.
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- As Bitcoin hits the record, Crypto liquidation is over $1 billion
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Kevin Svenson predicts parabolic BTC rally
Svenson believes the current breakout is just the beginning. He predicts:
- Immediate target: $120,500
- A short pullback after this level
- Long-term goal: $140,000-$150,000 over the coming months
What’s next for Bitcoin?
With the S&P 500 and Bitcoin hitting record highs, all eyes are in Crypto’s next move. If Svenson’s predictions are met, Bitcoin’s current gathering could still lead to one of the most explosive parabolas.