One More Thing Must Happen for Bitcoin To Target New All-Time Highs, According to Top Crypto Strategist
A crypto strategist who accurately predicted the 2022 Bitcoin bottom now suggests that BTC may need the stock market's support to break out to new highs.
In a recent video update, pseudonymous analyst DonAlt states that Bitcoin is positioned to exit its consolidation phase and potentially rally to fresh all-time highs. Despite numerous positive developments within the crypto space, Bitcoin has shown relative weakness compared to the stock market.
DonAlt explains that Bitcoin’s price action could be influenced by 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 concluded the most recent week above $65,500. At the time of writing, BTC is worth $66,436.
Disclaimer: Opinions expressed are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility.
