Bitcoin has just set a new historical peak at 118,398 USD, rising 6.5% in the past 24 hours, along with a strong increase in the S&P 500 index.
Analyst Kevin Svenson notes that this correlation opens up the possibility for Bitcoin to enter a potentially parabolic growth phase in the near future.
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The S&P 500 index reached a record high of 6,333 points, boosting the financial market.
Bitcoin broke through 118,398 USD, rising nearly 9% since the beginning of the month.
Forecasts suggest Bitcoin could reach 140,000–150,000 USD in the coming months.
How did the S&P 500 reach its historical milestone of 6,333 points?
Expert Kevin Svenson from the cryptocurrency analysis field stated that the S&P 500 started the month at 6,187.28 points, increasing by 1.51% to reach a new high of 6,333 points. This is a positive sign that capital is flowing strongly into major financial assets, creating momentum for a general recovery.
In fact, the breakout of the S&P 500 is likely to have a ripple effect on the cryptocurrency market, with Bitcoin responding sensitively to fluctuations in the U.S. stock market.
How did Bitcoin surpass the 118,000 USD mark?
Starting the month around 105,679 USD, Bitcoin primarily fluctuated in the 105,000–109,000 USD range before significant buying pressure emerged on the 8th. Since then, the price has increased by 8.99%, currently reaching 118,398 USD – a new historical peak.
With experience in analyzing the cryptocurrency market, Kevin Svenson asserts that this dramatic price increase is a testament to the strength and growing interest of investors in Bitcoin.
What does Kevin Svenson forecast for Bitcoin's next trend?
From an in-depth perspective, Kevin Svenson evaluates that this is just the beginning of a parabolic uptrend for Bitcoin. He outlines the price targets as follows:
The first short-term target is 120,500 USD.
A slight correction may occur after reaching this threshold.
The long-term target in the coming months ranges from 140,000 to 150,000 USD.
Bitcoin is on the verge of creating one of the strongest growth phases in history, especially as traditional financial indices maintain solid performance.
Kevin Svenson, cryptocurrency analyst, 06/2024
How will Bitcoin continue to develop in the near future?
Experts and investors are closely monitoring developments as Bitcoin and the S&P 500 both recently reached new highs, opening up prospects for a significant bull cycle. If the current trend continues as predicted by experts, the cryptocurrency market could witness an unprecedented parabolic recovery journey.
This also aligns with the trend of global financial integration and the increasingly widespread acceptance of Bitcoin as a store of value asset by major institutions.
What factors help reinforce confidence in Bitcoin's growth?
Market experts point out that the positive correlation between Bitcoin and major stock indices like the S&P 500 is creating a solid foundation. Reports from major investment funds also show a continuous influx of capital into cryptocurrencies.
This indicates that Bitcoin is no longer the only asset in the cryptocurrency space but has also become a flagship attracting interest from traditional investors.
Frequently Asked Questions
What does Bitcoin reaching a new peak mean? A new high above 118,000 USD indicates a strong recovery and positive signals from the traditional financial market.
Can Bitcoin continue to rise to 150,000 USD? According to analyst Kevin Svenson, the possibility of rising to 140,000-150,000 USD in the coming months is entirely feasible.
How does the S&P 500 affect Bitcoin? The S&P 500 sets the momentum and trend for the entire financial market, including cryptocurrencies, helping Bitcoin to rise.
Can Bitcoin correct after a strong rise? A slight correction is likely after reaching the short-term target of 120,500 USD, according to technical analysis.
How to accurately track Bitcoin's upward trend? It is necessary to combine technical analysis, monitor cash flow, and refer to insights from reputable experts.
Source: https://tintucbitcoin.com/bitcoin-lap-dinh-moi-thi-truong-bung-no-3/
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