A closely watched crypto analyst who has reached the 2022 bottom for Bitcoin (BTC) predicts when the king crypto may turn a corner and rally.
The analyst pseudonymously known as DonAlt tells are 464,700 Twitter followers that the legacy asset markets are having a bearish effect on Bitcoin.
According to DonAlt, Bitcoin could rise once traditional markets turn bullish.
“BTC is swept up by the traditional markets but refuses to make new lows while the S&P [stock index] bleeds out.
As traditional markets rebound, I expect a massively outperforming green candle from BTC.”
Bitcoin is trading at $22,370 at the time of writing, a fractional increase on the day.
Don Alt too updated his view, saying his opinion still holds true even though Bitcoin was mostly flat yesterday as the stock market made a major rally. However, he notes that BTC’s less-than-stellar response to the stock market’s rebound is not “optimal.”
Meanwhile, pseudonymous trader Altcoin Sherpa believes Bitcoin is likely to see more downward price action. According to the trader, Bitcoin could witness another sell-off before a recovery takes hold.
“BTC: It’s possible we’re seeing a higher low now, but I don’t really think so. I think we’re going to see another leg down.
Note: I still think we’re going to $30,000 in the medium term.
Altcoin Sherpa too say that it is possible for Bitcoin to experience an extended bear winter.
“BTC: Some mark the top in May 2021. Others mark it in November 2021. Anyway, it has been a long time during this Bitcoin bear market.
And it will probably take a lot longer for the price of BTC to really bottom out.”
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