Michael Saylor Praises Bitcoin As A New Asset Class

It looks like BTC maxi Michael Saylor is praising Bitcoin as a new asset class. Check out the latest tweet that he shared below.

Check out the tweet that he shared on X:

An excellent review of the emergence of #Bitcoin as a new asset class, the positive shift in sentiment on Wall Street, and the growing appreciation of $BTC as a global, digital store-of-value by @dee_bosa.pic.twitter.com/ZzWbDHo30a

— Michael Saylor (@saylor) January 19, 2024

Kevin Svenson, a cryptocurrency analyst and trader with a YouTube channel boasting 71,300 subscribers, has predicted that Bitcoin (BTC) may follow a certain trajectory in the upcoming weeks and months.

Svenson suggests that the S&P 500, an index that monitors the stock performance of the top 500 listed companies in the US, has acted as a leading indicator for Bitcoin in the past.

According to him, the index has been able to signal when Bitcoin is about to hit a new all-time high.

“The S&P is always leading Bitcoin on the all-time high breaks. And this is a good sign because Bitcoin is still 40% below its all-time high and the S&P is right near its all-time high.

So if you look back in time, the second halving [2016], the S&P 500 broke its all-time high during the second halving and about seven months later, Bitcoin broke its all-time high. That was about a seven-month difference.

And the third halving [2020], the most recent halving, the S&P broke its all-time high and about four months later, Bitcoin broke its all-time high.”

According to Svenson, Bitcoin is expected to hit its all-time high in approximately four months, which is less than half a year away.

Meanwhile, the S&P 500 index is currently just below its all-time high of 4,796 points, which it achieved on January 3rd, 2022. Stay tuned for more updates from the crypto industry.