Specialists continue to analyze the bitcoin (BTC) market against the stock market. In recent months, they have lingered a lot on these two markets, especially with the rise in US interest rates. For many analysts, the Fed can contribute to Bitcoin successfully exiting the bear market. But how ?
If the Fed Pivots, Bitcoin (BTC) Rises!
In his recent video, crypto analyst Kevin Svenson has a lot Talk about the correlation between the stock market and the Bitcoin market. He explained that there is a fundamental condition to arrive at a rise in the price of bitcoin (BTC). Indeed, the US Federal Reserve should review its current policy. This is when the Bitcoin market will start a bullish trend again.
Svenson said:There’s going to have to be a big enough catalyst for this market to change course. I think the market is waiting for a real pivot from the Fed“. “I’m telling you literally, probably nothing is going to happen for several months here. Yeah, bitcoin can still go down a bit more. I guess it’s possible“, he added.
The next bullish cycle, for April 2023?
The crypto analyst expects bitcoin to experience a bullish trend as early as April next year. This would then be the start of a bullish cycle that could last. To make his prediction, Kevin Svenson referred to the period that usually elapses between bear cycles and bull cycles in crypto markets.
He stated : “Why do I say April? We talked about this in the last two updates. We showed the traditional bitcoin cycles. The bull market only really begins when you break above this downward sloping red resistance line. This is when the bullish pivot begins“.
The strategist explained that there was a peak on December 17, 2017 for one cycle. It then took 68 weeks for an uptrend. The analyst added that the next bull cycle will start in 75 weeks, from the peak reached on November 10, 2021.
Crypto analyst Kevin Svenson explained to his 70,000 YouTube subscribers that there are still “so many months of boring sideways price action” coming. According to him, it will take until the second quarter of 2023 for the Bitcoin market to start to turn bullish.
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