Based on a crypto expert’s predictions, Bitcoin (BTC) could soon reach unprecedented peak values.
According to analyst and trader Kevin Svenson, shared with his 161,300 followers on the social media platform X, Bitcoin could potentially reach unprecedented heights as a result of its recent breakout trends since April.
After breaking free from the period of consolidation, our new trajectory sets a potential goal based on technical analysis. This target is approximately $115,000.
Instead of Bitcoin’s continued growth depending solely on its own factors, as suggested by Svenson, he emphasizes to his 82,800 YouTube followers that the S&P 500 (SPX) staying bullish is crucial due to Bitcoin’s historical correlation with stock market performance.
In my view, Bitcoin appears quite promising, despite the minor setback experienced earlier. Currently, we’re merely re-evaluating past resistance levels as potential support points. Therefore, I believe there’s a high probability that this trend will continue as anticipated.
However, it’s crucial to note that if market conditions permit, we could potentially reach new heights. The S&P 500 has been experiencing an extraordinary recovery, coming close to a fresh record high. To put this into perspective, if you had predicted at the market’s lowest point that in a month we’d be back at the all-time high, people would have found it hard to believe. Yet, here we stand.
In this highly unpredictable market, anything can happen, but here’s the gist: As long as the S&P and overall stock market support Bitcoin’s bullish trend, it’s likely that Bitcoin will reach its next projected target of around $115,000.
If the S&P encounters a level of resistance as a higher peak doesn’t form, reaching $115,000 might prove challenging.
Bitcoin is trading for $106,000 at time of writing, flat on the day.
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2025-05-20 10:38