Bitcoin Faces Deep Correction Amid 2022 Bear Market Vibes, Warns Analyst

Bitcoin's (BTC) recent price behavior

Bitcoin’s (BTC) recent price behavior, according to a trader who excellently rode the cryptocurrency breakthrough earlier this year, is eerily similar to its terrible downturn from the previous year.

Crypto analyst DonAlt informs his 52,600 YouTube subscribers in a new strategy session that it appears as though Bitcoin bears are in complete control.

The crypto analyst argues that sellers are taking advantage of rallies fueled by positive news reports to sell BTC.

“There’s just weakness. Every time we have a bullish move… you get a big outsized candle that just completely erases that, and it’s been the story ever since we’ve entered this range. You get a good event, and then you get a bigger candle that completely negates it.” 

DonAlt also claims that he is contrasting the trajectory of Bitcoin with that of the stock market. Every time the stock market rises, the trader notes that Bitcoin’s poor performance makes him think about the cryptocurrency bear market from the previous year.

“Right now the price action is more bearish than bullish. Every time the S&P (500) goes down, crypto goes down harder, and every time the S&P goes up, Bitcoin just doesn’t do anything. We’ve seen that before, basically all the way from $60,000 to $15,000. We had that kind of relationship between the two, where we just would stall whenever the S&P would do well and the nuke whenever it was doing poorly. 

The return on that I’m not a big fan.” 

DonAlt notes that even though BTC displays several indicators of weakness, if it grows over a certain level, Bitcoin may still gain some momentum.

“The cool thing is that if you look at the daily timeframe, there’s at least a way to get into this thing on strength, which would be a move above $30,700. I think if we move above the range high, and for me that’s the range high, you could make an argument that, ‘Okay, this was just all bu****it,’ but we’re pretty far from that.”  

Bitcoin is currently valued at $29,242 at the time of writing.

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