Analyst Who Accurately Predicted Bitcoin’s 2022 Bottom Turns Pessimistic on BTC – Here’s Why

A popular trader who called Bitcoin’s (BTC) 2022 market bottom is turning bearish on the king crypto as it stalls below the $30,000 level.

Pseudonymous analyst DonAlt tells his 498,300 Twitter followers that he won’t even start to consider whether Bitcoin is in a bull market cycle until it closes the weekly chart greater than $30,000.

“Nice lil pop but still in bear territory. “That said a > $30,000 daily close would most likely mean the weekly closes > $30,000 as well. That’d be a shift in character and the first sign that bulls are actually alive still. That’s the minimum I need to get before being optimistic.”

Source: DonAlt/Twitter

According to DonAlt’s chart, Bitcoin bounced into the $29,000 range on July 26th. But the next day, he highlights how those gains retraced, confirming his bearish outlook.

“BTC update: And now we’ve fully retraced yesterday’s move. Big shocker, is a bear market after all innit Duck is pessimistic, if we can’t even do the minimum we’re truly done for (for now).”

Source: DonAlt/Twitter

The trader is also keeping an eye on how Bitcoin is performing against the S&P 500 (BTC/SPX).

He says that Bitcoin’s gains against the SPX that came after last month’s news of BlackRock applying for a Bitcoin spot exchange-traded fund (ETF) have largely retraced, which is another reason for his bearish outlook.

Source: DonAlt/Twitter

Bitcoin is trading for $29,374 at time of writing, up 0.1% during the last 24 hours.

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