A cryptocurrency expert who accurately predicted the 2022 Bitcoin low suggests that BTC may need 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, highlights that Bitcoin is poised to break out of its consolidation phase and surge to new all-time highs. Despite numerous positive developments in the crypto industry, Bitcoin has shown weakness compared to the stock market and has not seen a corresponding increase in price. However, DonAlt remains optimistic that BTC can gain momentum, especially after closing above a key support level for the week. The analyst believes that Bitcoin’s price movement could be influenced by the performance of the S&P 500 index.

“If the S&P continues its positive trend and Bitcoin maintains its current level ($65,500), I can envision the possibility of reaching new highs. However, this outcome is heavily dependent on the S&P’s performance at this stage. We have seen relative weakness in Bitcoin compared to the positive news flow and the strength of the S&P. Our success may hinge on the S&P’s continued strength.”

Bitcoin closed the previous week above $65,500 and is currently valued at $66,436. To stay updated, subscribe to receive email alerts or follow on social media platforms such as Twitter, Facebook, and Telegram. Stay informed with The Daily Hodl Mix.

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