A well-known trader who correctly predicted Bitcoin's market bottom in 2022 has now turned bearish on the cryptocurrency as it struggles to surpass the $30,000 mark. The analyst, known as DonAlt, believes that Bitcoin must close the weekly chart above $30,000 before he can consider it to be in a bull market cycle. DonAlt's chart shows that Bitcoin briefly reached the $29,000 range on July 26th, but the gains were quickly retraced, confirming his bearish outlook. He is also monitoring Bitcoin's performance against the S&P 500, noting that gains made after BlackRock applied for a Bitcoin ETF have largely been erased.
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