A closely followed crypto analyst who nailed the 2022 bottom for Bitcoin (BTC) is predicting when the king crypto could possibly turn a corner and rally.
The analyst pseudonymously known as DonAlt tells his 464,700 Twitter followers that the legacy asset markets are having a bearish effect on Bitcoin.
According to DonAlt, Bitcoin could rally once the traditional markets turn bullish.
“BTC is being dragged by the traditional markets but refusing to make new lows while the S&P [stock index] is bleeding out.
The moment the traditional markets bounce, I’m expecting a massive outperforming green candle from BTC.”
Bitcoin is trading at $22,370 at time of writing, a fractional increase on the day.
DonAlt also updated his outlook, saying that his view still holds even though Bitcoin was mostly flat yesterday while the stock market rallied big. However, he notes that BTC’s less-than-stellar reaction to the stock market bounce is not “optimal.”
Meanwhile, pseudonymous trader Altcoin Sherpa is of the view that Bitcoin will likely see more downside price action. According to the trader, Bitcoin could witness another sell-off event before igniting a recovery.
“BTC: it’s possible we’re seeing a higher low being formed now, but I don’t really think so. I think that we’re going to see another leg down.
Note: I still think we go to $30,000 in the midterm.”
Altcoin Sherpa also says that it is within the realm of possibility for Bitcoin to go through an extended bear winter.
“BTC: some mark the top as May 2021. Others mark it at November 2021. Either way, it’s been a long time during this Bitcoin bear market.
And there’s likely to be much longer before BTC price truly ‘bottoms’ out.”
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