• Popular trader DonAlt is becoming bearish on Bitcoin (BTC) as it stalls below the $30,000 level.
• DonAlt won’t consider whether Bitcoin is in a bull market until it closes the weekly chart higher than $30,000.
• BTC/SPX performance after BlackRock’s announcement of a Bitcoin ETF application has largely retraced and could be another reason for DonAlt’s bearish outlook.
Analyst Who Accurately Predicted Bitcoin’s 2022 Bottom Turns Pessimistic
Pseudonymous analyst DonAlt, who called Bitcoin’s (BTC) 2022 market bottom, is now turning bearish on the king crypto as it stalls below the $30,000 level. DonAlt tweeted that he needs to see BTC close above $30,000 before he will consider it to be in a bull market cycle.
Why Is DonAlt Bearish?
DonAlt noticed that after popping into the $29,000 range on July 26th, those gains were quickly retraced and confirmed his bearish outlook. His bearishness may also have been triggered by how Bitcoin performed against the S&P 500 (BTC/SPX). The gains after news of BlackRock applying for a Bitcoin spot exchange-traded fund (ETF) have largely retraced which could be another indication of why he is pessimistic about BTC at this time.
Stalled Below $30K
Bitcoin is trading for $29,374 at time of writing, up 0.1% during the last 24 hours and still stalled below $30K. This might give more credence to DonAlt’s current pessimistic outlook on BTC.
Previous Prediction Was Accurate
DonAlt has previously accurately predicted Bitcoin’s 2022 bottom which has likely contributed to his popularity among traders and investors in crypto markets. It remains to be seen if his latest prediction about BTC closing above $30K will come true or not but many are waiting with anticipation to find out what happens next in this ongoing saga between bullish and bearish sentiment surrounding BTC prices .
Conclusion
Ultimately it seems clear that both bulls and bears need convincing before they can make any definitive predictions about what lies ahead for BTC prices over the coming months or years – however one thing we do know for sure is that cryptocurrency markets remain incredibly volatile so investors should continue exercise caution when investing their capital in any digital asset .