Bitcoin

Bitcoin Primed For A Spike As The US Stock Market Flashes Bullish Signals

A well-known cryptocurrency analyst and trader believes Bitcoin (BTC) is poised to climb with the US stock market.

Bitcoin Price Will Suffer Some More Pain For A Massive Gain

Crypto trader Kevin Svenson tells his 69,000 YouTube subscribers in a new strategy session that Bitcoin has recently demonstrated a roughly 90% correlation with the S&P 500.

He also claims that the S&P 500 has reached “extremely oversold levels” on the weekly relative strength index (RSI), a measurement that measures an asset’s market momentum. Svenson points out that the index hasn’t been this low since the Covid crash in early 2020.

According to the expert, the S&P 500 has not spent much time at these historically low RSI levels. He believes equities are “ready for some kind of rally,” particularly given the index recently fell to a critical Fibonacci level at the end of last week.

Source: Kevin Svenson/YouTube

Svenson believes Bitcoin will follow the S&P on a “multi-week reversal back to the upside,” however he believes there is a “high potential” BTC would fall in price later.

According to the analyst, Bitcoin might test as high as its present downward-sloping resistance line before falling to lows later. BTC’s price could rise to prior support levels near $36,200 or previous candle closure levels near $37,500.

At the time of writing, Bitcoin is worth $29,305. The top-ranked cryptocurrency asset by market capitalization has dropped more than 2.5% in the last 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News

Victor

Recent Posts

BlockDAG’s $30 by 2030 Price Predictions Are Sparking Excitement Among the Community—Will Toncoin & SUI Keep Up?

Discover how Toncoin's valuation, SUI's latest Google Cloud partnership, and BlockDAG's soaring presale frame the…

24 minutes ago

Top 6 High-Quality Free Crypto Airdrops You Shouldn’t Miss

Free crypto airdrops are one of the ways to help users participate in the project…

27 minutes ago

PancakeSwap Swap Bot Is Launched On Telegram To Convenient Trading

The PancakeSwap Swap Bot supports trading on PancakeSwap’s v2, v3, and stableswap protocols on the…

47 minutes ago

Is November 2024 the Right Time to Invest in Qubetics, Cardano, or Solana? Let’s Find Out!

From industry giants like Cardano and Solana to emerging players like Qubetics, it’s no wonder…

1 hour ago

US Jobless Claims Drop to 217,000, Lowest Since May

US jobless claims fell to 217,000 for the week ending November 9, the lowest since…

2 hours ago

World Liberty Financial Integrates Chainlink To Secure On-chain Data

World Liberty Financial integrated Chainlink for secure, reliable on-chain data and cross-chain interoperability as it…

2 hours ago

This website uses cookies.