Crypto expert DonAlt predicts that Bitcoin (BTC) may need a boost from the stock market to reach new record highs.
Stock Market Correlation
Despite positive developments in the crypto world, Bitcoin has lagged behind the stock market. DonAlt believes that BTC’s momentum could hinge on the performance of the S&P 500 index.
“If the S&P 500 continues to rally and Bitcoin holds above $65,500, I can see it potentially reaching new highs,” he said. “But it’s heavily dependent on the S&P 500’s strength.”
Recent Bitcoin Performance
Bitcoin recently closed above $65,500 and is currently trading at $66,436. DonAlt highlights that Bitcoin’s relative weakness compared to positive news and the S&P 500’s strength suggests a reliance on the stock market.
Disclaimer
The views expressed in this article are not financial advice. Investors should conduct their own research before making any investments in Bitcoin or other cryptocurrencies.
