A crypto strategist who nailed the 2022 Bitcoin bottom says BTC may need the help of the stock market to break out to new highs.
In a new video update, pseudonymous analyst DonAlt tells his 59,900 YouTube subscribers that Bitcoin is in a position to leave its consolidation phase and rally to fresh all-time highs.
According to the top trader, Bitcoin has been weak compared to the stock market and hasn’t responded price-wise despite numerous positive developments in the crypto space. But DonAlt thinks that BTC can still muster momentum given that Bitcoin had a weekly close above a key support level. The analyst believes Bitcoin’s price action may depend on the strength of the S&P 500.
“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.
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.”
Bitcoin ended the most recent week above $65,500.
At time of writing, BTC is worth $66,436.
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