Here's what Bitcoin needs to head for a new price record
A prominent crypto analyst claims that Bitcoin (BTC) could use the help of the stock market to reach new highs.
DonAlt, who correctly predicted Bitcoin's bottom in 2022, said that the flagship cryptocurrency it may be getting ready to exit the consolidation phase and head for new all-time highs.
However, he claims that Bitcoin shows weakness relative to the stock market.
However, the analyst is positive tuned , that BTC could gain momentum after recently closing above an important support level on its weekly chart.
READ MORE:
Top 3 Reasons Why Bitcoin Could Return to $70,000 This WeekBitcoin's future price movement will depend on how the SP 500 performs, according to DonAlt:
If the SP does another "solar streak" like the one we had and Bitcoin closes at this level ($65,500), I actually think [the situation] will develop decently, even [expecting] new highs. But I think at this stage [BTC] is entirely dependent on whether the SP goes up.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Earnings Preview | Rocket Lab (RKLB.US) Faces Ongoing Profit Pressure Amid Revenue Surge, Neutron Delay Concerns Gradually Disappear
The market currently anticipates that Rocket Lab's revenue in the third quarter will increase by nearly 66% year-on-year to $257 million, with a GAAP net loss of $0.08 per share.
Forex Today: US Dollar retreats following NFP-inspired rally
Morgan Stanley Maintains "Overweight" Rating on Four Major U.S. Retail Stocks: This Quarter’s Earnings Unlikely to End Bull-Bear Debate, "Flat" Results May Offer Good Entry Opportunity
When the market's attention is fully focused on AI and agent-based e-commerce, the very "lack of excitement" in retail stocks may actually be the starting point for a contrarian strategy.
US Treasury "Liquidity Drain" Starts Again: Treasury Department Aggressively Issues Short-term Debt—Can Fragile AI Trading Withstand the Storm?
As artificial intelligence (AI) trading faces significant challenges, another liquidity “drain” triggered by U.S. Treasury issuance appears poised to impact the entire U.S. stock market.
Crypto prices
More
