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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney