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Bitcoin Hits $118.4K After S&P Surge: Analyst Kevin Svenson links BTC’s breakout to S&P 500’s record, predicting a parabolic rally.
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Next Stop $150K? Svenson sees Bitcoin targeting $120.5K soon, then rallying toward $140K–$150K as momentum builds.
Bitcoin has just smashed a new all-time high of $118,397.8, rising 6.5% in the last 24 hours, following the S&P 500’s record-setting rally. According to popular crypto analyst Kevin Svenson, this correlation signals the start of a potential parabolic rally for Bitcoin.
S&P 500 Reaches Historic High of 6,333
Earlier this month, the S&P 500 index started at 6,187.28 and steadily climbed by 1.51%, eventually reaching a new record high of 6,333 points.
Svenson highlights that Bitcoin often mirrors such movements in traditional markets. The recent S&P breakout could be the catalyst fueling Bitcoin’s ongoing surge.
Bitcoin Price Breakout: $118K and Climbing
Bitcoin began the month around $105,678.62, mostly trading between $105K–$109K until July 8, when strong buying pressure kicked in. Since then, Bitcoin has soared by 8.99%, reaching its latest peak of $118,397.8.
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Kevin Svenson Predicts a Parabolic BTC Rally
Svenson believes the current breakout is only the beginning. He predicts:
- Immediate target: $120,500
- Short pullback likely after this level
- Long-term target: Between $140K and $150K in the coming months
What’s Next for Bitcoin?
With the S&P 500 and Bitcoin hitting record highs, all eyes are on crypto’s next move. If Svenson’s predictions hold, Bitcoin’s current rally may lead to one of its most explosive parabolic runs yet.