According to top analyst, Bitcoin (BTC) is primed to print new 2022 lows amid “terrible” stock market performance
A closely followed crypto analyst is predicting fresh bear market lows for Bitcoin (BTC) as stock markets struggle to generate bullish momentum.
Pseudonymous analyst DonAlt says it makes sense for Bitcoin to consolidate at current levels, as he says the 2017 bull market top has supported the leading cryptocurrency.
However, DonAlt warns that he now sees Bitcoin breaking the support between $18,000 and $20,000 and making a new cycle low.
“A common occurrence in these types of ranges is that you get a breach of the range ($22,000-$18,000) and then come back up and then trade. That seems more and more likely to me… I think there is a good chance that this range will collapse and then come back and actually turn bullish.
At the end of the day, it’s just a question of how far this range can go as it could easily expand to $17,000, $16,000 [or] $15,000.”
Bitcoin is trading at $18,414 at the time of writing, down over 6% in the last 24 hours.
According to DonAlt, his bearish Bitcoin thesis stems from his prediction that the S&P 500 is on track to revisit its 2022 lows.
“Honestly, the main story is the S&P [500] and the S&P looks absolutely awful. It hasn’t looked this bad in a long time. In all honesty, it looks like it wants to fully collapse and is on the way back towards monthly support at 3,680 [points].”
At the time of writing, the S&P 500 is valued at 3,873.32.
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