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

A crypto strategist who accurately predicted the 2022 Bitcoin (BTC) bottom believes that the flagship digital asset might require assistance from the stock market to reach new highs.

In a new video update, the pseudonymous analyst DonAlt tells his 59,900 YouTube subscribers that Bitcoin is poised to break out from its consolidation and rally to fresh all-time highs.

According to the star trader, Bitcoin has shown relative weakness compared to the stock market and failed to react in terms of price despite several positive developments in the crypto space. However, DonAlt thinks that BTC can still build up momentum, considering that Bitcoin had a weekly close above a crucial support level. The analyst now believes that Bitcoin’s price action might be hinging 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 ETF approval, PayPal integration, Cash App integration – I mean, we’ve had a lot of good news flow and S&P strength. I think we’re kind of reliant on the S&P strength continuing.”

Bitcoin closed the recent week of price action above $65,500.

At the time of writing, BTC is trading at a price of $66,436.

News source：https://www.kdj.com/cryptocurrencies-news/articles/crypto-strategist-nailed-bitcoin-bottom-btc-stock-market-break-highs.html

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