A Top Trader Outlines the Condition for a Bitcoin Bull Market
A top trader, known as DonAlt, who accurately predicted the crypto rally earlier this year, believes that Bitcoin (BTC) could spark a significant bull market that may last for around two years. According to DonAlt, a proper Bitcoin bull market will only begin if BTC rises at the expense of other cryptocurrencies. Until this happens, he expects Bitcoin to continue its sideways trend.
DonAlt remains bullish on Bitcoin as long as it stays above a key support level of $27,000. He suggests that continued upward pressure leading to altcoin-to-Bitcoin ratios being negatively affected would be a positive sign. However, if this doesn’t occur, he will revert to a bearish stance.
Ethereum Expected to Underperform Bitcoin
DonAlt also predicts that Ethereum (ETH), the second-largest cryptocurrency by market capitalization, will underperform regardless of Bitcoin’s trend. He argues that Ethereum’s performance is unlikely to match that of Bitcoin due to the upcoming launch of an actual Bitcoin exchange-traded fund (ETF) compared to Ethereum, which lacks similar attention from investors.
Bitcoin and Ethereum Price Update
At the time of writing, Bitcoin is trading at $27,294 with a slight decrease in the last 24 hours. Meanwhile, Ethereum is valued at $1,638 and has experienced a 1.51% drop in the past day.
Hot Take: DonAlt’s Analysis on Bitcoin and Ethereum Trends
DonAlt’s analysis highlights the importance of Bitcoin’s performance relative to other cryptocurrencies as a key indicator for a sustained bull market. This suggests that if BTC rises while altcoins decline, it could trigger a significant rally lasting for an extended period. However, DonAlt is cautious and will closely monitor Bitcoin’s support level of $27,000. Additionally, he believes that Ethereum will underperform Bitcoin due to the lack of an ETF and the attention it attracts from investors.
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