Bitcoin prices are currently hovering in the range of $66,000 according to the charts for Monday. The top cryptocurrency wants to break its record high, $73,737 in March of this year. BTC prices soared after the Bitcoin halves event in the first quarter of 2018.
Bitcoin’s supply was cut in half by April 20th, 2024. This triggered a surge of price. DonAlt, a pseudonymous crypto analyst, highlighted a scenario that explained BTC could regain its ATH but must meet one condition in order to do so.
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BTC can break its record high, explains analyst
![bitcoin btc bull](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/Defying-All-Odds-BTC-Is-Up-To-Claim-173K-Mark.jpg)
A recent video on YouTube shows a woman attempting to get her boyfriend back. 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.
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The analyst explained that the S&P 500 index must have another leg up, which could make Bitcoin reclaim its ATH. BTC’s prices move in sync with those of the US Stock Market, as they are closely 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”
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“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 summarized the situation.
In conclusion, for Bitcoin to climb above its ATH of $73,737, the S&P 500 index must rally again. Then, and only then, will BTC become bullish. Its price on the charts will surge to a new ATH.
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Source: watcher.guru