A prominent crypto analyst, DonAlt, has shared his insights on the future of Bitcoin, suggesting that the cryptocurrency may need a boost from the stock market to reach new all-time highs. DonAlt, who accurately predicted the 2022 Bitcoin bottom, believes that Bitcoin's current consolidation phase is nearing its end, and a rally to fresh all-time highs is possible.

Despite numerous positive developments in the crypto space, Bitcoin has been relatively weak compared to the stock market. However, DonAlt remains optimistic, citing a key support level that Bitcoin has maintained. He believes that if the S&P 500 continues its upward trend, Bitcoin could muster the momentum needed to break out to new highs.

"The stars are aligning for Bitcoin," DonAlt says. "If the S&P 500 continues its sun run and Bitcoin closes above $65,500, I can see it going decent, even reaching new highs. But it's entirely reliant on the S&P's strength at this point. We've had really good news flow, but Bitcoin's price action hasn't responded accordingly. We're kind of reliant on the S&P's strength continuing."

Bitcoin ended the most recent week above $65,500, and at the time of writing, it's worth $66,436. DonAlt's analysis suggests that Bitcoin's fate is closely tied to the stock market's performance. If the S&P 500 continues its upward trajectory, Bitcoin could be poised for a significant breakout.

DonAlt's prediction is a reminder that the crypto market is intricately connected to the broader financial landscape. As the stock market continues to influence Bitcoin's price action, investors should keep a close eye on both markets. While DonAlt's analysis offers a promising outlook, it's essential to remember that the crypto space is notoriously unpredictable.

Investors should always do their due diligence and exercise caution when making high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

In conclusion, DonAlt's analysis offers a compelling argument for Bitcoin's potential breakout. As the crypto space continues to evolve, investors should stay informed and adapt to changing market conditions. With the S&P 500's strength potentially propelling Bitcoin to new heights, the future of finance is full of exciting possibilities.