• Popular trader DonAlt predicts that Bitcoin won’t be in a bull market until it closes the weekly chart greater than $30,000.
• DonAlt notes that Bitcoin has retraced gains made after last month’s news of BlackRock applying for a Bitcoin spot exchange-traded fund (ETF).
• DonAlt is pessimistic about BTC’s current standing below the $30,000 level.
Analyst Who Accurately Predicted Bitcoin’s 2022 Bottom Turns Pessimistic on BTC
Pseudonymous analyst DonAlt is turning bearish on the king crypto as it stalls below the $30,000 level. 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. According to DonAlt’s chart, Bitcoin bounced into the $29,000 range on July 26th but those gains retraced and confirmed his bearish outlook. He also says that Bitcoin’s gains against the S&P 500 have largely retraced which is another reason for his bearish outlook.
Minimum Needed to Get Optimistic
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. “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.”
DonAlt highlights how those gains retraced after bouncing into the $29,000 range on July 26th confirming his bearish outlook: “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).”
Bitcoin’s Performance Against S&P 500
The trader is keeping an eye on how Bitcoin is performing against the S&P 500 (BTC/SPX). According to him ,Bitcoin’s gains against SPX have largely retraced which is another reason for his bearish outlook .
Current Standing Below The 30K Level
At time of writing ,Bitcoin was trading for $29374 ,up 0 1% during last 24 hours .This has further strengthened Donalt’s pessimistic view about BTC’s current standing below 30K level