Crypto analyst Kevin Svenson released a data forecast, pointing out that the S&P 500 often plays a pioneering role in predicting Bitcoin price increases.
Svenson said: “The S&P always leads when Bitcoin hits new all-time highs. This is a good sign because Bitcoin is still 40% below its all-time high, while the S&P is close to its all-time high.”
By analyzing historical data, Svenson noticed that when the S&P 500 hits new highs, Bitcoin will follow suit. Svenson said that considering the S&P 500 is currently just below its peak level of 4,796 set in early 2022, he believes Bitcoin may be approaching a similar milestone. He predicted: "Bitcoin may reach an all-time high in less than half a year, about four months." (Benzinga)