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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl 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. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
