According to the latest reports, it seems that Bitcoin could spark a huge rally, but this could only happen under one condition. In order to find out which one we’re talking about, make sure to read below.
Bitcoin could spark massive rally
A well-known trader who accurately predicted the surge in cryptocurrency earlier this year has shared his thoughts on what could trigger a new Bitcoin bull market that could last for up to two years.
Using the social media platform X, the pseudonymous analyst known as DonAlt explained to his 507,000 followers that a true Bitcoin bull market will only begin once BTC increases in value at the expense of other cryptocurrencies.
Until this happens, DonAlt believes that Bitcoin will continue to trend sideways. He predicts that a significant rise in BTC, causing other cryptocurrencies to decrease in value, will mark the start of a major rally that could set the trend for at least a year or two.
The analyst has expressed bullishness towards Bitcoin, as long as it remains above a significant support level of $27,000.
They believe that continued upward pressure could lead to a decline in ALT/BTC ratios within the next few days or weeks. However, if this does not happen, the analyst may rejoin Team Bear.
Despite this, they note that Bitcoin is not entirely out of the woods yet, but it’s a positive start. Currently, Bitcoin is trading at $27,294, with a slight decrease in the last 24 hours.
In contrast, the analyst predicts that Ethereum will underperform Bitcoin, regardless of its trend.
They believe that while Bitcoin is getting an actual exchange-traded fund, Ethereum is not attractive enough to be purchased by those who ignore this fact.
Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $27,485.
