Analyst discusses Bitcoin's potential trajectory

Cryptocurrency analyst Kevin Svenson predicted how the leading cryptocurrency could fare in the coming months.

In a statement on his YouTube channel, Svenson said that the S&P 500 index has previously helped Bitcoin as a leading indicator. The analyst said:

"The S&P 500 index leads Bitcoin in ATH breakouts every period. This is a good sign, as the BTC is still trading 40% below its ATH level, while the S&P is close to its ATH level.
In retrospect, we can see that in the second halving in 2016, the S&P 500 reached its ATH, and Bitcoin reached its ATH 7 months after that.
Similarly, in the third halving in 2020, the S&P reached its ATH level, and Bitcoin managed to make an ATH after only 4 months."

The S&P 500 index is currently trading just below its ATH level of 4,796 on January 3, 2022.

In the light of these data, the analyst stated that Bitcoin is very close to reaching the ATH level.

"I would say it's probably about four months away for Bitcoin to reach its ATH level."

At the time of writing, Bitcoin is trading at $41,753, according to data from Bitstamp.