A top trader who caught the crypto rally earlier this year is outlining a market condition where he believes Bitcoin (BTC) could ignite a fresh bull market that could last for about two years.
Pseudonymous analyst DonAlt tells his 507,000 followers on the social media platform X that a proper Bitcoin bull market will start if BTC rises at the expense of other crypto assets.
Until that happens, DonAlt says that Bitcoin will likely continue its sideways trend.
“[I think] the moment BTC goes up significantly and alts start liquidating to the downside is the moment you’ll get a proper big rally that’ll set the major overarching trend for at least a year or two.”
For now, the analyst says he’ll remain bullish on Bitcoin as long as it stays above a key support level.
“As long as $27,000 holds, this actually looks quite good. I’d like to see continued upward pressure that leads to ALT/BTC ratios getting [wrecked] in the next few days to weeks. If that doesn’t happen, I’ll rejoin Team Bear again.
Not out of the woods but a good first look.”
At time of writing, Bitcoin is trading for $27,294, a fractional decrease in the last 24 hours.
Looking at the smart contract platform Ethereum (ETH), the analyst thinks that the second-largest crypto asset will flounder regardless of Bitcoin’s trend.
“I generally think ETH will just underperform BTC whether BTC goes up or down. Like I said weeks ago, we’re getting an actual BTC exchange-traded fund (not a fake futures one), and ETH – it’s not stupid enough to be bought by idiots who ignore that fact.”
At time of writing, Ethereum is worth $1,638, down 1.51% in the past day.
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The post Trader Who Nailed 2022 Bitcoin Bottom Says BTC Could Ignite a Proper Big Rally Under This Condition appeared first on The Daily Hodl.
