DonAlt analyst names the factor that will cause the growth of bitcoin to reach a historic high

A crypto strategist who predicted bitcoin’s bottom in 2022 has named the main factor behind the market leader’s growth. According to the analyst, who goes by the pseudonym DonAlt, BTC $65,723.80 Bitcoin -0.13% Market capitalization $1.3 trillion VOL. 24 hours $0.62 billion may need the help of the stock market to break through to new highs.

DonAlt told his 59,900 subscribers on YouTube. As the expert explained, bitcoin may emerge from the consolidation phase and rise to new historical highs.

According to the top trader, the BTC was weak compared to the stock market and did not react to this by rising in price, despite numerous positive developments in the cryptocurrency space. However, DonAlt believes that BTC can still gain momentum, given that the weekly close of bitcoin was above a key support level. The analyst explained that bitcoin’s price behavior may depend on the strength of the S&P 500.

«If the S&P makes another sunny run, as it did earlier, and bitcoin closes at this level ($ 65,500), I can see the price of the main cryptocurrency rising to new highs. But I think at this point, it’s completely dependent on the S&P rising.

Because one thing that’s been pretty clear is that we have relative weakness compared to the news flow and to the strength of the S&P. I think we are relying to some extent on the fact that the strength of the S&P will continue," the analyst concluded.