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.”
According 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).”
The 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.
Bitcoin is trading for $29,374 at time of writing, up 0.1% during the last 24 hours.
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