The post Bitcoin Price Today Breaks All-Time High as Stock Market Soars – What’s Coming Next? appeared first on Coinpedia Fintech News
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.
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 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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Svenson believes the current breakout is only the beginning. He predicts:
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.
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