Top Analyst Says Altcoins Could Go ‘Ballistic’ This Week, Maps Out Path Ahead for Bitcoin (BTC)
A intently tracked crypto strategist is bullish on altcoins for the approaching week and predicts that they maintain their present momentum.
In a brand new technique session, pseudonymous analyst DonAlt says that he’s intently watching the inventory market as a result of he believes crypto remains to be correlated to the S&P 500.
In line with the crypto analyst, the S&P 500 has bounced from a month-to-month assist stage round 3,600, and he predicts the index will seemingly proceed to rally this week.
“[The S&P 500] is beginning to run into resistance now however truthfully, I wouldn’t wish to quick that resistance… I don’t suppose that is one primarily based the truth that we had a breakdown and a right away, nearly full, engulfing candle. I nonetheless suppose the subsequent week could possibly be bullish even when we shut at resistance right here.”
In line with DonAlt, a sustained S&P 500 bounce this week bodes properly for crypto property, particularly altcoins.
“That’s going to be good for any crypto bag, be it altcoins or Bitcoin. Bitcoin bounced from weekly assist as properly. Like I mentioned, [I’m] hoping it curls upwards, walks slowly, altcoins go ballistic.”
Taking a look at Bitcoin, the crypto strategist says that he expects BTC to proceed consolidating round $20,000, which he notes opens the doorways for altcoins to proceed rallying.
As for his long-term view on BTC, DonAlt tells his 411,300 Twitter followers that it’s throughout the realm of chance for Bitcoin to commerce between $18,000 and $34,000 for the subsequent 12 months or so.
“If I needed to make a guess.”
At time of writing, Bitcoin is altering palms for $21,182.
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Featured Picture: Shutterstock/Dotted Yeti
