Bitcoin: Analysts Share When to Expect Next Rally
DonAlt who accurately predicted the 2022 bottom for Bitcoin, shared his prediction for a potential rally for BTC.
According to DonAlt, the traditional financial markets are having a bearish effect on Bitcoin. It could only rally when those markets turn bullish.
In a recent tweet, he explained that BTC is being dragged down by the traditional markets but is refusing to make new lows while the stock market is declining. The analyst believes that Bitcoin will see a significant rally and outperform other assets once the traditional markets bounce back.
Despite the traditional markets seeing significant gains recently, Bitcoin’s reaction has been less than optimal, and the asset has been mostly flat.
However, DonAlt maintains that BTC will likely see a massive green candle once the traditional markets turn bullish.
BTC is being dragged by the trad markets but refusing to make new lows while the S&P is bleeding out
The moment the traditional markets bounce I’m expecting a massive outperforming green candle from BTC
— DonAlt (@CryptoDonAlt) March 2, 2023
On the other hand, Altcoin Sherpa, another pseudonymous trader, believes that Bitcoin could experience more downside price action before starting a recovery.
READ MORE: Bitcoin to Correct Further, Says Crypto Analyst
The trader suggests that Bitcoin may witness another sell-off event before recovering, and it’s possible for the asset to experience an extended bear market.
$BTC: Some mark the top as May 2021, others mark it at November 2021. Either way, it's been a loooong time during this #Bitcoin bear market.
And there's likely to be much longer before #BTC price truly 'bottoms' out.
Use this time to learn and develop your skills; you won't… pic.twitter.com/ztOnSscvKR
— Altcoin Sherpa (@AltcoinSherpa) March 2, 2023
Altcoin Sherpa’s analysis contrasts with that of DonAlt, who believes that Bitcoin’s performance will depend on the traditional markets. With Bitcoin currently trading around $22,370, both analysts will continue closely monitoring its performance and provide their predictions to the crypto community.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
