A cryptocurrency expert who accurately predicted the 2022 Bitcoin low suggests that BTC may require assistance from the stock market to reach new record highs. Sharing insights in a recent video update, the analyst known as DonAlt, with a following of 59,900 on YouTube, believes Bitcoin is poised to break free from its consolidation phase and surge to unprecedented levels.
Despite significant positive developments in the crypto sector, Bitcoin has been underperforming compared to the stock market in terms of price response. However, DonAlt remains optimistic that BTC can gather momentum, especially after closing above a crucial support level for the week. The analyst indicates that Bitcoin’s price movement could be influenced by the performance of the S&P 500.
“If the S&P continues its strong performance and Bitcoin closes around the current level ($65,500), there is a possibility of significant growth, potentially reaching new highs. However, this outcome heavily relies on the S&P’s upward trajectory at this point. It’s evident that Bitcoin has shown relative weakness despite favorable news and the S&P’s strength. Our success may hinge on the S&P’s continued strength.”
Bitcoin concluded the previous week above $65,500 and is currently valued at $66,436. To stay informed, subscribe to receive email notifications directly to your inbox and keep up with the latest price movements on X, Facebook, and Telegram.
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