A popular crypto analyst is optimistic that Bitcoin (BTC) and other crypto assets could resume an upward trajectory if the US banking crisis worsens.
Pseudonymous analyst DonAlt tells his 50,400 subscribers of the TechnicalRoundup YouTube channel that the US banking crisis offers a bullish narrative for the crypto market.
“We do have a few narratives that are actually bullish… in particular the banking narrative where we have a bunch of smaller banks, but also quite a few big ones in America, struggling.
And that’s the use case for Bitcoin in a nutshell…
Bitcoin is the poster child for any of that. So it should technically do well when banks do not. It’s as simple as that…
If banks eat shit in a way where the entire world and the company economy doesn’t collapse, you’re going to do well in crypto most likely.”
According to the pseudonymous crypto analyst, Bitcoin would be trading lower from the current levels were it not for the US banking crisis.
“That’s the narrative that is kind of making the bearish play harder. Because I think if we didn’t have that narrative, we would have been at $26,000 – $27,000 already.”
Bitcoin is trading at $29,086 at time of writing.
DonAlt says that he’s currently out of the market but would turn bullish again if Bitcoin climbs above a key resistance area.
“If we go back above $30,000… Especially so quickly after we tested it the first time, there’s a chance that we’re going to break it and then we might have some quick moves. And I’ll be more than happy to be bullish at that point again.
But right now I’m more than happy to be out of the market.”
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