A popular trader who called Bitcoin’s (BTC) 2022 market bottom is turning bearish on the king crypto as it stalls below the $30,000 level.
Pseudonymous analyst DonAlt tells his 498,300 Twitter followers that he won’t even start to consider whether Bitcoin is in a bull market cycle until it closes the weekly chart greater than $30,000.
-->“Nice lil pop but still in bear territory. “That said a > $30,000 daily close would most likely mean the weekly closes > $30,000 as well. That’d be a shift in character and the first sign that bulls are actually alive still. That’s the minimum I need to get before being optimistic.”
Source: DonAlt/TwitterAccording to DonAlt’s chart, Bitcoin bounced into the $29,000 range on July 26th. But the next day, he highlights how those gains retraced, confirming his bearish outlook.
“BTC update: And now we’ve fully retraced yesterday’s move. Big shocker, is a bear market after all innit Duck is pessimistic, if we can’t even do the minimum we’re truly done for (for now).”
Source: DonAlt/TwitterThe trader is also keeping an eye on how Bitcoin is performing against the S&P 500 (BTC/SPX).
He says that Bitcoin’s gains against the SPX that came after last month’s news of BlackRock applying for a Bitcoin spot exchange-traded fund (ETF) have largely retraced, which is another reason for his bearish outlook.
Source: DonAlt/TwitterBitcoin is trading for $29,374 at time of writing, up 0.1 during the last 24 hours.
