17 May 2022 05:15, UTC.
Reading time: ~2 m
Crypto analyst DonAlt noted that bitcoin’s move into the area of psychological support below $30,000 could be viewed in two ways.
During the new strategy session, he said fear and panic in the cryptocurrency markets lead him to believe that bitcoin could launch either a massive surrender or launch a rally to $58,000 and leave the bears bewildered.
Within the next month, two or three, we will either see the surrender that everyone fears, or we will see the upward movement in the range begin again.
According to the crypto analyst, the current structure of the bitcoin market tells him that the bottom has probably been reached, but he is wary of BTC’s strong correlation with the stock market.
There’s a good chance this is the end of the trend. I think we have a good chance of going up. But like I said, if it was just cryptocurrency, if we weren’t so correlated, I would make a big, big bet that this would be the bottom…
I look at it and I think, “That’s probably close to the bottom.” And then I look at the S&P… The S&P could just collapse, then BTC would fall to $14,000.
#Bitcoins #correlation #prevents #rising