A popular crypto analyst is optimistic that Bitcoin (BTC) and other crypto assets could resume an upward trajectory if the US banking crisis worsens.
Pseudonymous analyst DonAlt tells his 50,400 subscribers of the TechnicalRoundup YouTube channel that the US banking crisis offers a bullish narrative for the crypto market.
“We do have a few narratives that are actually bullish… in particular the banking narrative where we have a bunch of smaller banks, but also quite a few big ones in America, struggling.
And that’s the use case for Bitcoin in a nutshell…
Bitcoin is the poster child for any of that. So it should technically do well when banks do not. It’s as simple as that…
If banks eat shit in a way where the entire world and the company economy doesn’t collapse, you’re going to do well in crypto most likely.”
According to the pseudonymous crypto analyst, Bitcoin would be trading lower from the current levels were it not for the US banking crisis.
“That’s the narrative that is kind of making the bearish play harder. Because I think if we didn’t have that narrative, we would have been at $26,000 – $27,000 already.”
Bitcoin is trading at $29,086 at time of writing.
DonAlt says that he’s currently out of the market but would turn bullish again if Bitcoin climbs above a key resistance area.
“If we go back above $30,000… Especially so quickly after we tested it the first time, there’s a chance that we’re going to break it and then we might have some quick moves. And I’ll be more than happy to be bullish at that point again.
But right now I’m more than happy to be out of the market.”
[embedded content]
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Buy and Sell Shares in PRE-IPO Companies with PREIPO®. Access Here.
- Source: https://dailyhodl.com/2023/05/05/trader-who-nailed-bitcoin-bottom-says-banking-crisis-could-turn-crypto-market-bullish-heres-his-outlook/
