In a recent video, prominent crypto analyst and YouTuber Kevin Stevenson shared insights on Bitcoin’s current price action and his optimistic forecast for a new all-time high in the coming months.
Stevenson talked about the recent sideways movement in Bitcoin’s price but emphasized that the lack of lower lows since December is a positive sign. He discussed the potential for a pullback to test oversold levels on the daily chart and why he remains unfazed by the recent downturn.
Stevenson highlighted the correlation with the S&P 500 and pointed out that the stock market is nearing its all-time high. He suggested that historical patterns indicate a strong likelihood that Bitcoin will follow suit just months after the S&P 500 breaks its record. Stevenson recalled instances from the second and third Bitcoin halvings, where the S&P 500’s all-time high preceded Bitcoin’s surge.
Addressing the bearish scenario, Stevenson indicated a potential dip below the critical level of $40,200, which could lead to a retest of oversold levels, with a target around $35,000. However, he also expressed confidence in a quick comeback, referencing positive fundamental events, including ETF approvals and the upcoming halving.
Bitcoin ATH and S&P500 ATH
Stevenson states that any dips before halving, especially during pre-halving, are usually “generational buy opportunities.” He advises viewers to notice any potential dip as a buying opportunity, especially considering the historical significance of price levels before each Bitcoin halving.
Stevenson’s analysis also focused on the synchronicity between the S&P 500 and Bitcoin’s price movements. Notably, he pointed out that historically, when the S&P 500 reached its all-time high, Bitcoin followed and reached its all-time high within a few months.
Drawing parallels to the second and third Bitcoin halvings, Stevenson pointed out Bitcoin’s 2nd-halving and the most recent 3rd-having, where the S&P 500’s milestone preceded Bitcoin’s ATH.
As Bitcoin hovers above $40,000, Stevenson’s analysis provides a cautious and optimistic approach, correlating Bitcoin’s price trajectory with the upcoming S&P 500s nearing their all-time high.