Crypto Analyst Kevin Svenson Predicts Bitcoin Surge to $98,000 Amid Stock Market Recovery

Kevin Svenson, a cryptocurrency analyst and trader, is feeling optimistic about Bitcoin (BTC). In a recent video, he shared his thoughts with his 79,000 YouTube subscribers. He believes Bitcoin is set for “continued upside and recovery.”

So, what’s driving this optimism? Svenson points to the stock market, particularly the S&P 500 index. He explains that the index has bounced back after a significant drop.

“The S&P went down almost 10% and is now only 4% off its peak,” he says. “It has reclaimed more than half of that dip.” Many people thought the market would keep crashing, but Svenson sees a solid rebound that could benefit Bitcoin.

He thinks Bitcoin is overdue for a new all-time high. If the S&P keeps rising, it could boost confidence among investors. “That’s going to push us up to a new all-time high,” he adds.

Svenson emphasizes that as long as the stock market shows positive trends, Bitcoin is likely to recover. “It’s more likely to go up if the stock market is pointed up. That’s historically true,” he notes.

If Bitcoin rallies, Svenson predicts it could rise by about 65% from its current level. “What would the target be for Bitcoin if it moves up with the stock market? That would land us right around $98,000,” he explains.

At the moment, Bitcoin is trading at $59,400. Svenson’s insights reflect a positive outlook for both Bitcoin and the stock market.