Crypto analyst Kevin Svenson is predicting a big jump for Bitcoin. He believes that the recent rebound in the stock market could fuel a Bitcoin rally, potentially pushing the price to a new all-time high.
Stock Market Rebound Fuels Bitcoin Optimism
Svenson points to the S&P 500 stock index, which has recovered strongly after a recent dip. He argues that this rebound is a sign of confidence in the market, and that investors will likely turn their attention to Bitcoin, driving its price higher.
“The S&P 500 is bouncing back, and that’s good news for Bitcoin,” Svenson said in a recent video. “If the stock market keeps going up, Bitcoin is likely to follow suit.”
Bitcoin Could Reach $98,000
Svenson believes that if Bitcoin does rally alongside the stock market, it could reach a price of around $98,000. This represents a potential gain of about 65% from its current price.
“Historically, Bitcoin has moved in tandem with the stock market,” Svenson explained. “So if the stock market keeps climbing, we could see a significant increase in Bitcoin’s price.”
Disclaimer
It’s important to remember that this is just one analyst’s opinion. Bitcoin is a volatile asset, and its price can fluctuate significantly. Investors should do their own research and consult with a financial advisor before making any investment decisions.
