A cryptocurrency expert who accurately predicted the bottom for Bitcoin in 2022 suggests that BTC may require support from the stock market in order to reach new record highs.

In a recent video update, the analyst known as DonAlt, with a following of 59,900 on YouTube, indicates that Bitcoin is poised to break out of its consolidation phase and surge to new all-time highs.

According to DonAlt, Bitcoin has been showing weakness compared to the stock market and has not responded positively to various developments in the cryptocurrency industry. However, the analyst believes that BTC could gain momentum as it recently closed above a crucial support level. DonAlt speculates that the price movement of Bitcoin could be influenced by the performance of the S&P 500.

“If the S&P continues its strong performance and Bitcoin closes around the current level ($65,500), I can envision a substantial rise, possibly even reaching new highs. However, this scenario is heavily dependent on the S&P’s performance at this stage. It is evident that Bitcoin has shown relative weakness compared to positive news flow and the strength of the S&P. We seem to rely on the continued strength of the S&P.”

Bitcoin concluded the previous week above $65,500 and is currently valued at $66,436.

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