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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-bitcoin-needs-stock-market-support-to-reach-new-highs/" data-wpel-link="internal">Analyst Predicts Bitcoin Needs Stock Market Support to Reach New Highs</a><br></p>
<p style="text-align: justify">Top-level cryptocurrency analyst and strategist <strong>DonAlt</strong> suggested that Bitcoin (BTC) might need support from the stock market to reach its all-time highs. The analyst, known for accurately predicting the bottom of the largest cryptocurrency in 2022, now believes Bitcoin is ready to break out of its current consolidation phase.</p> 
<h2 style="text-align: justify" id="strong-bitcoin-could-show-strength-by-keeping-up-with-the-sp-500-strong"><strong>Bitcoin Could Show Strength by Keeping Up with the S&amp;P 500</strong></h2> 
<p style="text-align: justify">Despite positive developments in the <a href="https://en.coin-turk.com/crypto-venture-capitalist-vance-spencers-bold-predictions-for-the-next-24-months/" data-wpel-link="internal">cryptocurrency market</a>, Bitcoin has remained relatively weak compared to the stock market and has not shown enough strength according to most views. DonAlt made a significant prediction, highlighting that Bitcoin’s price movement might depend on the strength of the US stock index <strong>S&amp;P 500</strong>. According to him, if the S&amp;P 500 continues its upward trend and Bitcoin stays above $65,500, it could reach new highs.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-363030" src="https://coin-turk.com/wp-content/uploads/2024/06/Bitcoin-SP-500.png" alt="" width="2722" height="1606"></p> 
<p style="text-align: justify">The analyst noted that Bitcoin’s recent relative weakness is concerning and emphasized the importance of the S&amp;P 500’s performance. He underlined that Bitcoin’s ability to reach new highs largely depends on the S&amp;P 500 maintaining its strength.</p> 
<h2 style="text-align: justify" id="strong-the-sp-500-should-be-closely-monitored-strong"><strong>The S&amp;P 500 Should Be Closely Monitored</strong></h2> 
<p style="text-align: justify">Bitcoin closed last week above the $65,500 mark indicated by the analyst, and at the time of writing, its price is trading above the $66,000 threshold at $66,165. The analyst’s analysis suggests that Bitcoin’s near-term movement could be closely tied to broader market trends in the <strong>US stock markets</strong>, particularly the S&amp;P 500.</p> 
<p style="text-align: justify">Currently, the S&amp;P 500 is around its all-time high of 5,441 reached on June 13, 2024, standing at 5,431.</p> 
<p style="text-align: justify">Overall, DonAlt’s analysis highlights the interconnectedness of different <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">financial markets</a> and the potential impact of stock market movements on Bitcoin’s price. In this regard, investors and traders need to closely monitor both Bitcoin’s price action and the S&amp;P 500’s performance to determine the <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">future trajectory</a> of the largest cryptocurrency.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analyst-predicts-bitcoin-needs-stock-market-support-to-reach-new-highs/" data-wpel-link="internal">Analyst Predicts Bitcoin Needs Stock Market Support to Reach New Highs</a></h5>

Analyst Predicts Bitcoin Needs Stock Market Support to Reach New Highs

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