BTC: Bitcoin Will Hit New All-Time High if This Happens

Vinod Dsouza
bitcoin btc up rally green
Source: Watcher Guru

Bitcoin is currently trading around the $66,000 price range in the charts on Monday. The leading cryptocurrency is looking to climb above the $70,000 mark and breach its all-time high of $73,737, which it reached in March this year. BTC surged in price in Q1 of this year on the heels of the Bitcoin halving event.

The Bitcoin halving made its supply cut into half on April 20, 2024, initiating a price surge. However, pseudonymous cryptocurrency analyst DonAlt highlighted a scenario explaining that BTC can reclaim its ATH, but has to meet one condition to achieve the feat.

Also Read: G7 To Provide $50 Billion Loan to Ukraine To Fight Russia

Bitcoin: BTC Can Breach It’s All-Time High, Explains Analyst

bitcoin btc bull
Source: Watcher Guru

In a recent YouTube video, DonAlt highlighted the S&P 500’s March 2024 performance. The S&P 500 index had hit an all-time high of 5,400 in March this year leading to Bitcoin reaching an ATH of $73,737.

Also Read: Shiba Inu: SHIB Mid-June 2024 Price Prediction

The analyst explained that the S&P 500 index must have another leg up, which could make Bitcoin reclaim its ATH. BTC usually moves in tandem with the US stock market as its prices are correlated.

“If the S&P puts in another sun run like we’ve had and Bitcoin closes at this level ($65,500), I can actually see it go decent, as in I could see new highs even. But it is entirely reliant on the S&P going up I think at this point,” he said.

Also Read: SHIB: $21 Could Make You a Shiba Inu Millionaire

“Because one thing that’s been pretty clear is that we’ve got relative weakness compared to both news flow. We’ve had really, really good news flow and the S&P strength. I think we’re kind of reliant on the S&P strength continuing,” he summed it up.

In conclusion, for Bitcoin to climb above its ATH of $73,737, the S&P 500 index must rally again. Only then will BTC turn bullish and surge in price in the charts hitting a new ATH.