by • Popular trader DonAlt is turning bearish on Bitcoin (BTC) as it stalls below the $30,000 level.
• DonAlt states that he won’t consider whether Bitcoin is in a bull market cycle until it closes the weekly chart greater than $30,000.
• He is also keeping an eye on how Bitcoin is performing against the S&P 500 (BTC/SPX), which has largely retraced its gains after news of BlackRock applying for a Bitcoin spot exchange-traded fund (ETF).
Analyst Pessimistic on BTC
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.
Minimum Needed To Be Optimistic
DonAlt says that closing at >$30,000 would 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 then retraced those gains confirming his bearish outlook.
BTC vs SPX
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.
Current Price
Bitcoin is trading for $29,374 at time of writing, up 0.1% during the last 24 hours.
Disclaimer
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