With Bitcoin (BTC) bottoming in 2022, a closely-followed crypto analyst is predicting when the king could potentially turn crypto around the corner and bounce back.
The analyst with the pseudonym DonAlt told his 464,700 Twitter followers that legacy asset markets are having a bearish effect on Bitcoin.
According to DonAlt, Bitcoin could rally once traditional markets turn bullish.
“BTC is being dragged along by traditional markets but is refusing to make new lows while the S&P [stock index] bleeds out.
The moment traditional markets bounce, I expect BTC to see a massively above-average green candle.”
Bitcoin is trading at $22,370 at the time of writing, a fraction of the daily rise.
DonAlt too updated his outlook and said his view still stands despite bitcoin being mostly flat yesterday while the stock market rallied sharply. However, he notes that BTC’s less-than-stellar response to the stock market rally is less than “optimal.”
Meanwhile, pseudonymous altcoin trader Sherpa believes Bitcoin is likely to see more downward price action. According to the trader, Bitcoin could see another sell-off event before bouncing back.
“BTC: It’s possible that a higher low is forming now, but I don’t really believe in it. I think we’re going to see another leg down.
Note: I still think we will go to $30,000 in the medium term.”
Source: Altcoin Sherpa/Twitter
Altcoin Sherpa too says that it is entirely possible that Bitcoin will endure an extended bear winter.
“BTC: Some are marking the top in May 2021. Others are marking it in November 2021. However, it has been a long time during this Bitcoin bear market.
And it will likely take a lot longer for BTC price to really bottom out.”
Source: Altcoin Sherpa/Twitter
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