Trader Perfectly Dubbed Crypto Bottom Says New Catalyst Unfolds For BTC
A trader and analyst who took a long position on Bitcoin (BTC) as it bottomed out in 2022 is expressing bullish sentiment on the flagship crypto asset.
Pseudonymous analyst DonAlt tells his 48,800 YouTube subscribers that the troubles experienced in the banking industry are a bullish catalyst for Bitcoin.
“Given the macro background that we have, which is basically a big belief that banks are going to be destroyed right now, a bunch of people actually think that we’re going to have another 2008-style banking meltdown. I’m not necessarily in that group, but i’m not a banking expert. so to me it doesn’t matter. i doubt it. frankly, i think we’re going to get a bunch of government interventions like we did in america….
And it’s really like it’s a really bullish thing for crypto. That’s basically what Bitcoin was created for. Bitcoin was born through anger in 2008. Satoshi was very, very angry at how everything was playing out back then. And that is why Bitcoin was created. And to have the same thing happen again is obviously fundamentally bullish.”
However, DonAlt says a bank run will have a short-term negative impact on crypto markets.
“The problem is, if you really get a bank run and banks collapse everywhere, it’s going to have some, it’s going to drag the market down. It’s going to drag everything down. it’s going to drag Bitcoin down in the short term…
Best-case scenario – we get no banking effects. We just get a bunch of governments stepping in and protecting what needs to be protected.”
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